Posted on: 29th Aug, 2009 01:17 pm
I am 28 years old; I am a college graduate and have a stable job (same company over the past five years). I currently make 60k a year; I am single and have no kids. My credit score is 780. My savings are roughtly 25k.
My landlord recently died and her daughters are selling the duplex where I live. The property is located right next to a major university, and most of the properties in this area are for rent.
I would like to buy the property and stay where I currently live. In addition, I would like to rent the other part of the duplex (2BD/1BR). A similar property runs for about 1,500/month in rent.
The house value is 370k. Do you guys belive I could obtain a mortgage taking into account my credit, income and possible additional income if renting the other part of the duplex?
My landlord recently died and her daughters are selling the duplex where I live. The property is located right next to a major university, and most of the properties in this area are for rent.
I would like to buy the property and stay where I currently live. In addition, I would like to rent the other part of the duplex (2BD/1BR). A similar property runs for about 1,500/month in rent.
The house value is 370k. Do you guys belive I could obtain a mortgage taking into account my credit, income and possible additional income if renting the other part of the duplex?
hi doug,
welcome to the forum.
you have very good credit score & saving habits.
your monthly pay out for 370k 30 yrs mortgage will be 2K. you can easily afford it.
only thing that i want to mention is your second statement. similar property in that area is available in 1500/ month. therefore, i recommend you to negotiate with property owner.
secondly you are not going to make it your primary residence. in that case you will not be able to enjoy benefit of 8K tax credit.
welcome to the forum.
you have very good credit score & saving habits.
your monthly pay out for 370k 30 yrs mortgage will be 2K. you can easily afford it.
only thing that i want to mention is your second statement. similar property in that area is available in 1500/ month. therefore, i recommend you to negotiate with property owner.
secondly you are not going to make it your primary residence. in that case you will not be able to enjoy benefit of 8K tax credit.