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Old 07-18-2009, 11:12 PM
 
5 posts, read 7,935 times
Reputation: 10

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I don't have much life experience so PLEASE help with your wisdom.

I am a recent college graduate (May 30th) and want to buy a condo by Dec. 1st (to take advantage of 8k govt rebate). I have a great job with the federal govt and am currently earning 40k with an automatic 10k raise every year for the next four yrs (80k). Needless to say I will be staying at my job for a while.

My current debt is very low: 18k in student loans, no credit card debt (2 cards w/6000k limit each), no car payments, or the such. If anything I would say my expenses including loans are around 700 monthly (offered rent money to parents). Credit score: low 700's. Savings:$500 (just started working on the 6th)

I'm looking to purchase a condo within 80-140k (w/a 4-8k down payment).

Would I qualify for a mortgage being that I don't have 2 years of legitimate work exp or a substantial down payment? If yes, what are my best options?

What potential problems may I come across?

Should I even bother? Keep in mind my current commute on a good day is 1 hour and 20 minutes.

Any advice about anything concerning this topic would be greatly appreciated. Thanks everyone.
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Old 07-19-2009, 12:46 AM
 
2,189 posts, read 6,854,753 times
Reputation: 840
This may help you figure it out:

Affordable Home Calculator from CNNMoney

When you get an amount you can afford - post again and let us know where your job is. Since you don't have a car, you will need to use public transportation and it would help to know where you will be working.

ETA - I just saw that you have no car payments. Does that mean no car - or just no payments?

Good luck.
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Old 07-19-2009, 07:15 AM
 
12,768 posts, read 28,914,075 times
Reputation: 7341
I don't think your age matters, just your lack of savings and work experience. I would suggest you try to get preapproved for a mortgage and that will show you if it's even possible. Most lenders want you to have at least a 10% down payment. This article may help: Loan Preapproval - The Advantages of Loan Preapproval
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Old 07-19-2009, 08:37 AM
 
5 posts, read 7,935 times
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I own my 96 Corolla outright, so no payments. Insurance payments are included in my monthly expenses.

I have already researched areas I am considering, so location is not the issue. I work near Oxford Circle and want a 20-25 min commute max, but I already have a couple areas that would suit me well.
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Old 07-19-2009, 01:51 PM
 
Location: Sanford, FL
596 posts, read 1,547,962 times
Reputation: 295
Quote:
Originally Posted by toobusytoday View Post
I don't think your age matters, just your lack of savings and work experience. I would suggest you try to get preapproved for a mortgage and that will show you if it's even possible. Most lenders want you to have at least a 10% down payment. This article may help: Loan Preapproval - The Advantages of Loan Preapproval
Actually with current lending conditions most banks want 20% down, though that may have eased a bit since I last read about that several months ago.
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