caliigirrl
i am 20 yrs old..i work full time $16/hr mon-fri, ive worked there for 2.5 years. i have "good" credit. and im wondering if its possible to be qualified to buy a $350,000 house. its one of those things where if i dont try, ill never knw. but would i hurt my credit applying? is this possible?
Answer
Not only will you not qualify under today's terms, but buying a house of that price on your income could potentially wreck your entire financial future. There is no need for a house that expensive and just think of all the bills that come with a house - utilities, property taxes, repairs, more furniture, lawn mower, etc.
Do not apply as it will get rejected and a "rejection" will show on your credit history. I would say save up and make sure you have AT LEAST 20% down and don't buy a house that's more than 4 times your pre-tax income.
Not only will you not qualify under today's terms, but buying a house of that price on your income could potentially wreck your entire financial future. There is no need for a house that expensive and just think of all the bills that come with a house - utilities, property taxes, repairs, more furniture, lawn mower, etc.
Do not apply as it will get rejected and a "rejection" will show on your credit history. I would say save up and make sure you have AT LEAST 20% down and don't buy a house that's more than 4 times your pre-tax income.
What expenses should I plan for when moving into a house?
nemahknatu
I am in a dorm room now, the rent is ~$5600/year. The guy with the house is asking $375/person/month (3 people) and he will cover the utilities. Cable internet/tv is extra ($80 which will be split b/t at least 2 of us=>just under $30 each up to $40 each), and it is 15 minutes from campus (@ 40mph). I get pretty good gas mileage, but even one trip to campus and back per day 5 days a week would mean an extra $32.44/month and that is using my highway mpg rather than in-town mpg (which would raise the price). I'm not sure whether he would make us keep up the lawn (mowing, etc.). Do you think he would expect that of us? If he does, then we would either have to do it ourselves (and buy gas, a lawn mower, etc.), or we would have to pay someone to do it (twice a month for 1/3 of the year means $160/year=$13.33/month). Do you think my estimations are reasonable, and what would be any other expenses that I would have to pay for (excluding groceries)? Would it be worth it?
Answer
Probably not worth it...here's the math:
$375/mo * 12 mo (unless your lease is less) = $4500
cable @ $40/mo * 12 = $480
gas @35/mo (and let's be honest, even though I live 15 min from campus, I spend closer to $70 on gas most months thanks to high prices) so assume $60/mo *12 = $720
you must specify in the lease who is respoinsble for upkeep of the house...if it is you then another $160-200/yr
also, include the cost of a commuter parking pass for the campus...usually runs about $350-400 a semester (at least from colleges I've been to) so that's another $800 a year or so
PLUS some colleges charge more tuition if you are living off campus so also consider that...
total that would be: $6700 on the high end... (plus any extra tuition)
also consider that he might mean utilities to be JUST: HOA (housing fees, taxes), water, sewage, trash and not include gas and electricity in there...
Although I love living in my apartment now, as an undergraduate living in the dorms was the smartest idea...you are close to friends for help with homework, you have fast internet, you can get to class regardless of weather issues, you don't have to deal with mail, packages, lease problems, broken things, etc...
I'd recommend living in the dorms as an undergrad and striking out on your own after that.
good luck and I hope this helped (I did consider this myself as a senior in college but I'm glad I stayed in the dorms)
Probably not worth it...here's the math:
$375/mo * 12 mo (unless your lease is less) = $4500
cable @ $40/mo * 12 = $480
gas @35/mo (and let's be honest, even though I live 15 min from campus, I spend closer to $70 on gas most months thanks to high prices) so assume $60/mo *12 = $720
you must specify in the lease who is respoinsble for upkeep of the house...if it is you then another $160-200/yr
also, include the cost of a commuter parking pass for the campus...usually runs about $350-400 a semester (at least from colleges I've been to) so that's another $800 a year or so
PLUS some colleges charge more tuition if you are living off campus so also consider that...
total that would be: $6700 on the high end... (plus any extra tuition)
also consider that he might mean utilities to be JUST: HOA (housing fees, taxes), water, sewage, trash and not include gas and electricity in there...
Although I love living in my apartment now, as an undergraduate living in the dorms was the smartest idea...you are close to friends for help with homework, you have fast internet, you can get to class regardless of weather issues, you don't have to deal with mail, packages, lease problems, broken things, etc...
I'd recommend living in the dorms as an undergrad and striking out on your own after that.
good luck and I hope this helped (I did consider this myself as a senior in college but I'm glad I stayed in the dorms)
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