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I saw a post like this recently where the poster asked "I make 50,000 a year can I afford a home in LI" and basically the answer was "Hell no." However, this is a bit of a different situation.
Real quick, I have about $90,000 saved up looking around Nassau Suffolk borders in an area near a train station/highways. I do not commute to manhattan, I work locally in LI and drive. We like to travel to city though on weekends etc.
I have good credit, my only monthly expense is my car which is $290 a month. I just graduated, and school was paid for by Uncle Sam as I am former. military.
I have no idea what type of loan I can get, if anyone can give me an idea?
My GF has a decent job but is currently looking for a job that would pay her around $55k (she is a paralegal w/ experience) and she will be splitting the mortgage with me.
I guess I can put her on the loan, but she does not have that great of credit and also owes school loans. We would really like to put the loan in my name.
So the basic question is, how viable is this to obtain a loan in my own name? What type of range / loan amount am I looking at?
Before you decide whether you qualify for a loan, I would suggest you sit down and write out a budget that includes mortgage payment, property taxes, utilities, your car payment, gas and other commuting costs, etc., etc. You also need to have a reserve fund for improvements on the new home.
If both the home and loan are to be in your name, then ignore your girlfriend's income. You don't want to end up losing the house over a breakup. Also, with her credit rating and school loans, I'm not sure it'll be a plus to list her on the mortgage application.
One you've totaled up the monthly expenses, then see how much you have left after taxes. You might find out the amount isn't what you thought. Once you tell us the price range and type of home you're interested in, I'm sure a lot of people on here can chime in as to estimates for the monthly expenses.
I'm not a mortgage banker, but I probably wouldn't put down more than $45K of your savings. If that's 20% down, then your purchase price is only going to be $225,000. You can't get much on Long Island for that, especially something that's convenient to train stations.
Well we are looking at the $300 - $400k range. I intend on using all of the $90k on the house.
You bring up a good point with not relying on the girlfriend, but truth of the matter is we have been together for just about 9 years and are practically married, so I do not foresee any breakups in the near future !
Well we are looking at the $300 - $400k range. I intend on using all of the $90k on the house.
You bring up a good point with not relying on the girlfriend, but truth of the matter is we have been together for just about 9 years and are practically married, so I do not foresee any breakups in the near future !
Famous last words. If the relationship goes south, you're stuck holding the bag.
Ok I don't want this post to veer into relationships. But my original question still stands
So the basic question is, how viable is this to obtain a loan in my own name? What type of range / loan amount am I looking at? Wanting a house in the $300 - $400k range.
Well we are looking at the $300 - $400k range. I intend on using all of the $90k on the house.
Your best bet is to pre-qualify for a loan and see what you are approved for on your own income. They will do a debt to income ratio, that will determine what kinds of loans you qualify for. Since you are military, you might qualify for a VA Loan.
Also, you do not want to get a house for more then you can afford. Just because a bank tells you that you can afford a house that is 350K, doesn't mean you should aim that high. Especially with taxes out here.
Your best bet is to also brace yourself for reality. Didn't we just have a thread here that we steered the OP away from buying without a 6 figure down payment?
Well I was already preapproved for $300k loan, but it was just a generic bank rep. I am amping up now and getting information before applying for the actual loan.
I do qualify for a VA loan, the big advantage with those types of loans is that it is really geared towards people who do not have a down payment.
We just want to get a decent home with a backyard, minimum 3 bedrooms nothing to fancy I think.
We have a VA loan, and they also monitor your interest rate. If they think it's too high they refinance you, no qualification, and reduce your interest rate. We just had ours reduced by 1 point. They also have an inspection standard the home must pass or they will not finance it.
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