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Will I Be Able to Get a Mortgage?
jaweissenburger
Posts: 1 Newbie
Hey all, I'm new to the forum and was just wondering if I could get some advice/information about getting a mortgage.
Location: Milwaukee, Wi
Housing Type: Condo
Approx. Cost: $24,000
Monthly Income: $465 (Sept-May)
I'm a college student, but my credit is fairly good -- 721 -- and I can afford to pay the mortgage payments. I currently pay $565 per month to rent an apartment and it would save me a lot of money to simply buy a condo.
Plus I can either rent it out or sell it when I finish out school and make income that way. I know I can't get a $40,000+ loan with my income, but will it be difficult for me to get a loan if I my job is on-campus and only September-May.
I do plan on getting a summer job, but I'm not sure if the intent to get a job would be enough for a loan or not. I have 3 & 1/2 years to go and it would save me money in the long run to get a condo or house.
My best guess is that I may not be able to get a loan on my own, but I could (probably) get one with a co-signer. Ask if any more information is needed.
Location: Milwaukee, Wi
Housing Type: Condo
Approx. Cost: $24,000
Monthly Income: $465 (Sept-May)
I'm a college student, but my credit is fairly good -- 721 -- and I can afford to pay the mortgage payments. I currently pay $565 per month to rent an apartment and it would save me a lot of money to simply buy a condo.
Plus I can either rent it out or sell it when I finish out school and make income that way. I know I can't get a $40,000+ loan with my income, but will it be difficult for me to get a loan if I my job is on-campus and only September-May.
I do plan on getting a summer job, but I'm not sure if the intent to get a job would be enough for a loan or not. I have 3 & 1/2 years to go and it would save me money in the long run to get a condo or house.
My best guess is that I may not be able to get a loan on my own, but I could (probably) get one with a co-signer. Ask if any more information is needed.
0
Comments
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I'm sorry. This is a UK-based site. You'll need to find one offering advice on US mortgage/property issues.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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