Feb
20
Chrystal asked:
I am a full time college student with 6 months of school left before I graduate. I work part time making approximately $700.00 a month but have an additional $2,000 of income per month in the form of a gift. I would love to buy a home instead of rent; should I even bother applying for a morgage before I start working full-time?
MARQUIS
I am a full time college student with 6 months of school left before I graduate. I work part time making approximately $700.00 a month but have an additional $2,000 of income per month in the form of a gift. I would love to buy a home instead of rent; should I even bother applying for a morgage before I start working full-time?
MARQUIS
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3 Responses to “Should I bother applying for a morgage as a full time student?”
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you would not get approved. concentrate on getting a full time job first. don’t put the cart in front of the horse
You’ll never get approved for any kind of mortgage with an income of only $700 a month. The bank doesn’t consider a gift of any sort as income.
In addition to a reliable and verifiable source of income, you’re also going to need a decent credit rating and a down payment of (preferably) 20 percent before you can buy a home of your own. When you have all those things, that’s the time to apply.
Congrats on your soon graduating!!! I know you’re excited to finally own something that will attest to all of your hard work…but there’s plenty you can do right now to get prepared.
1st thing: I don’t recommend you applying for any mortgage whatsoever until after you’ve checked out your credit score..need to at least be 650+ to get a decent interest rate. Work on it if it isn’t. Don’t forget to check all major 3 credit reporting bureau’s.
2nd thing: Once you find a job, using your gross monthly salary, find out what your debt to income ratio is. There are limits. Research this to find it what it needs to be…compared to what it is…and work on reducing your debt if necessary.
3rd thing: Research counties in your area to find out which one charges the least taxes. Taxes are large portion of monthly mortgage mortgage payment….the lesser the taxes…the larger the home you’ll be able to afford.
Those are the big things…lots of research. We all make choices in life, some good and some bad. Don’t make rash decisions without first doing your homework…you could end up going bankrupt if you do.
Good luck…and again, Congrats!!!!