Has anyone bypassed renting their first apartment and just went straight for a house?

[dopeness]

 many banks won't approve you unless you have been at your job for at least 2 years.

He won't qualify at 99% of banks, especially in this climate. More importantly not with student debt now being incorporated into DTI's.

 

[capital sb]

Huh? Did I miss him post all of his financials?
Did he post his DTI? Why would he be denied a loan?

I have the same amount of loans as him and was easily approved .

 

[dopeness]

Huh? Did I miss him post all of his financials?
Did he post his DTI? Why would he be denied a loan?

I have the same amount of loans as him and was easily approved .

When?

 

[cl-1b]

 
He won't qualify at 99% of banks, especially in this climate. More importantly not with student debt now being incorporated into DTI's.

I agree with this.. Your 30k in debt. If you have the cash payoff asap before considering anything else. You would be playing yourself trying to secure a first time homeowners loan at this time. You would be a very lucky man if any credit union would even consider without a higher income co-signer. 

There is a reason wealthy people live in condos.. They don't mind paying association fees. Depending on your city's climate, this can add an extra few grand to your quarterly expenses and doesn't really make sense... but this vary's so its good to keep in mind. Also, taxes in preferable metropolitan areas might be higher

 

[capital sb]

When?

September.

Like I said why would he be denied. From what I have seen is him say he has 30K in loans.
His credit score and DTI would ne to be disclosed before you just jump out there and say he would be denied.

 

[gentrification]

I think buying a crib is antiquated idea, 30 year mortgage blah blah. BUT BUT if you have the bread to do it, and not have to slave to pay a mortgage. Than hell yea. I personally never want to own a home. But I get it. Power in ownership. A lot,of lending services are pushing for this generation to buy and thus you could get a decent loan. So it seems. 

 

[dopeness]

 
I agree with this.. Your 30k in debt. If you have the cash payoff asap before considering anything else. You would be playing yourself trying to secure a first time homeowners loan at this time. You would be a very lucky man if any credit union would even consider without a higher income co-signer. 

There is a reason wealthy people live in condos.. They don't mind paying association fees. Depending on your city's climate, this can add an extra few grand to your quarterly expenses and doesn't really make sense... but this vary's so its good to keep in mind. Also, taxes in preferable metropolitan areas might be higher

 

[capital sb]

Lol where are you all getting this stuff from. 30K in student loans 10yr payoff his monthly payment wouldn't be over $350/mo. Again, unless he has said something else about other debts and his salary I don't see how he would be extremely high risk. His DTI should check out just fine.

 

[dopeness]

Anything above 40% is playing yourself. Case closed.

 

[cl-1b]

Lol where are you all getting this stuff from. 30K in student loans 10yr payoff his monthly payment wouldn't be over $350/mo. Again, unless he has said something else about other debts and his salary I don't see how he would be extremely high risk. His DTI should check out just fine.

Point me in the direction of a bank that is going to give a quarter million dollar (speculation of price) loan to a college graduate with light credit and no evidence of a major long term loan payoff.. I haven't heard of this before. They are going to want a large down payment if he wants them to even consider him. 

 

[cl-1b]

or maybe a co-signer

 

[capital sb]

Point me in the direction of a bank that is going to give a quarter million dollar (speculation of price) loan to a college graduate with light credit and no evidence of a major long term loan payoff.. I haven't heard of this before. They are going to want a large down payment if he wants them to even consider him. 

Plenty. You aren't talking numbers your talking opinions. If his DTI checks out and credit checks out there is nothing else to discuss . A handful of people on NT have done it myself included no co signer.

D dopeness So how did you get to 40% DTI with the info he has provided?

Yal dudes are just making up stuff right now lol.
Bruh hasn't even stated his salary, but dudes telling him he gonna be denied .

 

[dopeness]

Plenty. You aren't talking numbers your talking opinions. If his DTI checks out and credit checks out there is nothing else to discuss . A handful of people on NT have done it myself included no co signer.

@DOPENESS So how did you get to 40% DTI with the info he has provided?

Yal dudes are just making up stuff right now lol.

Fair enough, I'll play along. Ask OP to fill this out HONESTLY, and share his results....

http://www.mortgagecalculator.org/calcs/debt-ratio.php

 

[capital sb]

Thank you, lol now if that DTI is shakey then he's in no position.

 

[cl-1b]

 

Point me in the direction of a bank that is going to give a quarter million dollar (speculation of price) loan to a college graduate with light credit and no evidence of a major long term loan payoff.. I haven't heard of this before. They are going to want a large down payment if he wants them to even consider him. 

Plenty. You aren't talking numbers your talking opinions. If his DTI checks out and credit checks out there is nothing else to discuss . A handful of people on NT have done it myself included no co signer.

@DOPENESS So how did you get to 40% DTI with the info he has provided?

Yal dudes are just making up stuff right now lol.
Bruh hasn't even stated his salary, but dudes telling him he gonna be denied

.

I've been through the process as well.. but i needed to put over 100k down at that time for consideration from the bank. I didn't use the credit union lane tho. They told me what i stated earlier.. not enough credit history due to age and I had zero debt at the time. 

 

[mr j 858]

OP I'm guessing you probably aren't living out in Cali or any other major city if your budget is $1300 + utilities for a mortage.

No way you would be able to get a studio with 600 square feet for that price out here and be an owner

 

[dopeness]

OP I'm guessing you probably aren't living out in Cali or any other major city if your budget is $1300 + utilities for a mortage.

No way you would be able to get a studio with 600 square feet for that price out here and be an owner

New York either, hell even Jersey or Connecticut. 

 

[zapatohead408]

I'm in the Bay Area and I'm planning on living at home for the next two years or so. Save my money and when I do move out, rent with another electrician buddy of mine. Make it so my portion of rent isn't anymore than $1500 or so. Keep saving money and wait for this tech bubble out here to burst. Either way, I refuse to buy a house at such an insane price out here.

Considering adding my name to my mom's house since my parent's are getting a divorce and my dad wants off the loan. She wouldn't be able to keep it if it's just her name on it because it's worth too much.

 

[capital sb]

I've been through the process as well.. but i needed to put over 100k down at that time for consideration from the bank. I didn't use the credit union lane tho. They told me what i stated earlier.. not enough credit history due to age and I had zero debt at the time. 

I would have wen to a different lender lol straight up. I didn't get my loan through a credit union. I got a new constitution 330K FHA loan through NVR when I was 22. Maryland has a great first time homeowners program.

 

[cl-1b]

 

I've been through the process as well.. but i needed to put over 100k down at that time for consideration from the bank. I didn't use the credit union lane tho. They told me what i stated earlier.. not enough credit history due to age and I had zero debt at the time. 

I would have wen to a different lender lol straight up. I didn't get my loan through a credit union. I got a new constitution 330K FHA loan through NVR when I was 22. Maryland has a great first time homeowners program.

oh ok thats cool

 

[cl-1b]

Can't really hurt to check tho op.. You might get the result you've been looking for. I'd still recommend paying off those student loans first.

 

[girlthatsblanco]

View media item 1908446




 
He won't qualify at 99% of banks, especially in this climate. More importantly not with student debt now being incorporated into DTI's.

Not true I just bought a home last June. As long as OP has a decent credit rating, established work history and 3-5% of the home value to put down, he can get a home....especially in Texas

 

[girlthatsblanco]

I think buying a crib is antiquated idea, 30 year mortgage blah blah. BUT BUT if you have the bread to do it, and not have to slave to pay a mortgage. Than hell yea. I personally never want to own a home. But I get it. Power in ownership. A lot,of lending services are pushing for this generation to buy and thus you could get a decent loan. So it seems. 

Home ownership is one of the easiest ways to build wealth in this country. That's what made it attractive to me.

 

[maliz]

If it makes sense for you financially then by all means but please research the expense of home ownership. Also like another NTer mentioned move into a decent area with the potential of selling in the future if you ever want to change up. Nothing like a house you can't move or have to come way down on price.

Also I would look into investment properties rather than somewhere to live if you single and without kids.

 

[antbanks81]

Yes, a home is more responsibility, but it will help you build wealth versus building someone else's wealth via paying rent. I would suggest you look into buying a two to four unit building. You live in one unit and let the other three pay your mortgage and maybe kick you some profit each month. You live rent free which will allow you to pay those loans off sooner than seven years. Stay there until you want something else or move out and repeat.

To your original question, yes, I went straight to ownership after finishing up. I lived at home while I finished my last few classes. I moved out into a townhouse. I regret it. One part of me wishes I would've had a rental downtown to really enjoy the nightlife. The other part hates that I didn't buy a building first. I could've rented that place out then bought a condo downtown to be rented out later. Ownership is the key my brethren. You can always rent the place out and keep the passive income rolling in.