Posted on: 23rd May, 2009 10:17 am
Hello,
Fantastic forum, here. I am glad to have found it.
Here is my situation in a nutshell:
Income:
I am a grad. student on an internship- earnings: $24k for this year. After purchasing a home, will become a resident of TX, so no state income tax.
Savings:
I have roughly $10k in savings
Credit Score:
690, last I checked.
Home value in which I am looking to purchase:
$35k-45k (Will be putting 10% down)
Expenses:
I am single and young, so not really much other than school.
Tuition:
I am doing a dual degree, a MSc and MBA, annual cost projected at about $4/5k
Outstanding loans:
I have about 16k in unsubsidized loans and 8.5k in subsidized loans from school. Both are currently deferred as I am in school.
I hope I have not gone into too much details. My thoughts are simple, save money from renting as I will be in the location I am it now for a few years to come. I project that my income should have a very large increase once I complete my education (I project will take me two/three more years).
Now the mortgage. I am planning to do a 30 yrs fixed mortgage. I am hoping that with being a first time home buyer, good credit, and b/c I am not purchasing a home beyond my capabilities, I should be able to lock in a solid interest rate (<6%).
What are your thoughts/suggestions here? I appreciate any suggestions you can lend me.
Best Regards,
-Neil
Fantastic forum, here. I am glad to have found it.
Here is my situation in a nutshell:
Income:
I am a grad. student on an internship- earnings: $24k for this year. After purchasing a home, will become a resident of TX, so no state income tax.
Savings:
I have roughly $10k in savings
Credit Score:
690, last I checked.
Home value in which I am looking to purchase:
$35k-45k (Will be putting 10% down)
Expenses:
I am single and young, so not really much other than school.
Tuition:
I am doing a dual degree, a MSc and MBA, annual cost projected at about $4/5k
Outstanding loans:
I have about 16k in unsubsidized loans and 8.5k in subsidized loans from school. Both are currently deferred as I am in school.
I hope I have not gone into too much details. My thoughts are simple, save money from renting as I will be in the location I am it now for a few years to come. I project that my income should have a very large increase once I complete my education (I project will take me two/three more years).
Now the mortgage. I am planning to do a 30 yrs fixed mortgage. I am hoping that with being a first time home buyer, good credit, and b/c I am not purchasing a home beyond my capabilities, I should be able to lock in a solid interest rate (<6%).
What are your thoughts/suggestions here? I appreciate any suggestions you can lend me.
Best Regards,
-Neil
Hey Neil!! First of all welcome to the forum and it is very nice that you have elaborated lot much on the matter.
With all the following considerations
1.690 credit score
2.you are still an Intern, not a full time employee
3. you are not yet married.
I have listed both pros and cos so in my opinion you will be able to lock in a good interest rate but I think it will be approximately 6 % but doubtful about 5.5%.
:arrow: :arrow:
With all the following considerations
1.690 credit score
2.you are still an Intern, not a full time employee
3. you are not yet married.
I have listed both pros and cos so in my opinion you will be able to lock in a good interest rate but I think it will be approximately 6 % but doubtful about 5.5%.
:arrow: :arrow:
As per my opinion you may lock 6% But there is one problem as you mentioned that you are not full time employee.
Lender will definately check this before offering the loan though you have good credit score.
Lender will definately check this before offering the loan though you have good credit score.