Comments | wgi_lounge_2009: Mortgages on a stipend

windsweptvoid in wgi_lounge_2009

Mortgages on a stipend

May 04, 2009 19:44

Since jgiraldo's post brought up this subject in a way--- how likely do you think it is that I can get approved for a mortgage with only two stipends as income. My partner and I will have a combined income of a measly 27k, but guaranteed for 5 years must mean something.

Not like any of you can really answer this for sure-- I'll have to apply for ( Read more... )

Comments 6

eaw0929 May 5 2009, 00:22:11 UTC

I'm in sort of a similar situation, although I own a house right now which (if it sells), could serve as downpayment funding.

Good luck! Owning a house is one of the coolest experiences I've had in life so far.

gryffinvdg May 5 2009, 03:18:18 UTC

I think it probably depends on a number of factors. When we bought our home several years ago, it was much easier to obtain a mortgage than it is now. Also, we took advantage of FHA loans and were required to put very little down. I'm not sure if it would be possible to get the same loan today with the same money down. So, I guess some factors to consider are the price range that you're looking in, the amount of money that you would be able to put down on a property, your credit rating, and how much money you have to spend a month ( ... )

gryffinvdg May 5 2009, 03:20:00 UTC

PS: It never hurts to go down and speak to a mortgage counselor and get pre-approved. At worst, you waste some time. At best, you find out where you are financially according to lenders. It's certainly not binding, and you'll have to do it anyway before going out and seeing some homes, so you really have nothing to lose!

windsweptvoid May 7 2009, 21:50:24 UTC

Thanksfor your advice! I still am weighing through those complicated things to think about before going through with it. Just seems like such a smart move, even if there are some added inconveniences.

b_r_a_s_s_y May 7 2009, 21:07:02 UTC

I have to say that I tried this, and had little luck w/ just my stipend. I ended up needing a co-signer. But gryffinydg's advice is very sound: talk to a mortgage counselor to find out!

windsweptvoid May 7 2009, 21:49:26 UTC

Yeah of course I will at some point. We're weighing options and checking out what's available before actually applying-- so I thought I'd throw it on the board and see what you guys thought.

I could, technically, get a co signer but man would by boyfriend squirm to have my father sign on. My boyfriend's a good deal older than me, which my father has always seemed to have a problem with (though my dad never said anything, it's not his style). So.. man the look on my sig-o's face if my dad had to cosign would be... an interesting one. I think we'd wind up renting before that scenario ever played out.

haha, well, sorry if that counts as sharing too much info :)