Posted on: 10th Jan, 2012 08:47 am
Me and my wife are looking to get a house
We are both full time post grad students
I have $25,000 cash in my bank accounts
I have 770+ credit score across all the credit bureaus
I have no car payments
Past 12 months of 850 a month rent… prior to that 12 months of a combined 1300 a month rent between me and my wife
I have 1000 bucks on a Best Buy credit card that I get no interest on so I pay it down to keep max money in my 3% checking account
Here is where it gets harry… I work a couple part time jobs.. the longest for only 13 months… I bring in 2000K a month from these jobs… we get scholarship money and some loans which is what subsidizes our monthly bills
We really want to get a house because it is silly that we cannot buy even though we are probably the safest bets to be able to pay 900 bucks a month on a mortgage
We are both full time post grad students
I have $25,000 cash in my bank accounts
I have 770+ credit score across all the credit bureaus
I have no car payments
Past 12 months of 850 a month rent… prior to that 12 months of a combined 1300 a month rent between me and my wife
I have 1000 bucks on a Best Buy credit card that I get no interest on so I pay it down to keep max money in my 3% checking account
Here is where it gets harry… I work a couple part time jobs.. the longest for only 13 months… I bring in 2000K a month from these jobs… we get scholarship money and some loans which is what subsidizes our monthly bills
We really want to get a house because it is silly that we cannot buy even though we are probably the safest bets to be able to pay 900 bucks a month on a mortgage
Without a 2 year job history, or recent college grad now working in same line of degree, you would not be able to obtain conventional financing or FHA. You may find a private or hard money lender to help you finance. But once you are graduated, and have 30 days of paystubs, you can use this income. Good luck