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Posted: 8/28/2015 10:21:08 AM EDT
[#1]
Page 2 says there is no way that it would make sense for the OP's cousin to buy that condo even if he had a snowball's chance in Hell of getting approved.
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Posted: 8/28/2015 10:26:18 AM EDT
[#2]
If he enjoys being house poor then he can do it.
Based on the little info provided, if he can cover the monthly bills he will have nothing left for a social life. Here is where he will be in 3-5 years: 1. 100,000 student debt 2. 200,000 mortgage 3. 50,000+ in new credit card debit because he won't have cash to pay for anything. $350,000+ in debt before he is 30. |
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Posted: 8/28/2015 10:42:03 AM EDT
[#3]
He should focus on increasing his salary before buying the condo.
I waited until I was making over $55k a year to buy a house, and I only wanted my mortgage to be $170k. You need a lot of savings to be a home owner. Shit breaks, and there's no landlord to cover the costs of fixing it. |
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Posted: 8/28/2015 11:11:47 AM EDT
[#4]
Quote HistoryQuoted:
Not yet, I'm trying to mind my own business. I'm curious enough to see if he would get approved so that's why I'm asking here. I hope he doesn't, and at that point hopefully he will reevaluate. As far as the student loans go, I hate to say it but you can't get a 45k a year job without a degree. This position requires *some sort* of degree bachelors degree. (Health insurance sales) That isn't true at all. You can make 45k and more with no degree working for a large retail chain. I started at $37k working retail LP with no degree. Next promotion would have been to 55k, then 75k after that. But I got a degree so I could work in a field that didn't suck so bad lol |
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Posted: 8/28/2015 11:16:40 AM EDT
[#5]
He'll need some roommates until he makes enough money to kick them out.
Posted Via AR15.Com Mobile |
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Posted: 8/28/2015 11:26:21 AM EDT
[#6]
Quote HistoryQuoted:
With 200K, closing costs, Taxes, and low ball insurance he is at $1400.00/month. HOA fees could $100 or $500 month. Big nut on 45K. I would say INSANE actually. My house cost half of that (no HOA fees or anything added) along with $160/mo property taxes and $80/mo insurance and that is plenty for me. I have no other debt besides the house (cars, mortgage, etc.) and I make considerably more. I am also paying $400/mo extra in principle and my wife works too. Everyone saying that they allow 45% DTI blows my mind and I wouldn't go above 28% including all loan repayments (car, student loans, etc.). This year I have $13K in repairs (driveway replacement and 5 windows). If I had purchased a $200K+ house I would be screwed. Even now though that expense puts a good sized dent my savings. |
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Posted: 8/28/2015 11:29:29 AM EDT
[#7]
Quote HistoryQuoted:
Not yet, I'm trying to mind my own business. I'm curious enough to see if he would get approved so that's why I'm asking here. I hope he doesn't, and at that point hopefully he will reevaluate. As far as the student loans go, I hate to say it but you can't get a 45k a year job without a degree. This position requires *some sort* of degree bachelors degree. (Health insurance sales) 
Horse hockey.... 1. There's no way he should be buying a house, let alone a 200k condo with 100k in student loans. 2. You can absolutely make 45k/year without a degree...I have friends working in a factory that make more than that. 3. He needs to buckle down and pay off those loans before he takes on ANY more debt....let alone a mortgage. |
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Posted: 8/28/2015 11:33:40 AM EDT
[#8]
How many years until the "Bankruptcy Question" thread?
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Posted: 8/28/2015 11:35:33 AM EDT
[#9]
Quote HistoryQuoted:
I hate to say it but you can't get a 45k a year job without a degree. Quote HistoryQuoted:
I hate to say it but you can't get a 45k a year job without a degree. uhm, just about everyone i know makes 50-100k without a degree thru various means. I make within that range and never stepped foot in college. Quoted:
Page 2 says there is no way that it would make sense for the OP's cousin to buy that condo even if he had a snowball's chance in Hell of getting approved. If there are mortgage lenders that said they would approve him, that is whats wrong with the housing market. |
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Posted: 8/28/2015 11:38:29 AM EDT
[#10]
Quote HistoryQuoted:
uhm, just about everyone i know makes 50-100k without a degree thru various means. I make within that range and never stepped foot in college. And yet, we have 2, count them 2 mortgage lenders that said they would approve him. Welcome to whats wrong with this country. Quote HistoryQuoted:
Quoted:
I hate to say it but you can't get a 45k a year job without a degree. uhm, just about everyone i know makes 50-100k without a degree thru various means. I make within that range and never stepped foot in college. Quoted:
Page 2 says there is no way that it would make sense for the OP's cousin to buy that condo even if he had a snowball's chance in Hell of getting approved. And yet, we have 2, count them 2 mortgage lenders that said they would approve him. Welcome to whats wrong with this country. Quote fail....but agreed. EDIT: Sniped me... |
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Posted: 8/28/2015 11:40:54 AM EDT
[#11]
Nevermind, im a 'tard.
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Posted: 8/28/2015 11:58:25 AM EDT
[#12]
Quote HistoryQuoted:
Not yet, I'm trying to mind my own business. I'm curious enough to see if he would get approved so that's why I'm asking here. I hope he doesn't, and at that point hopefully he will reevaluate. As far as the student loans go, I hate to say it but you can't get a 45k a year job without a degree. This position requires *some sort* of degree bachelors degree. (Health insurance sales) Lol, uh no. 
I make right at $48-50K per year and no degree.Some of my coworkers make $50-55K per year,no degree My house payment was $650-700 a month but i paid double that every month and paid it off in less than 8 years.Buying house #2 next year and will do the same thing,again with no degree. |
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