getting my own first place.

[ViviTheMage]

I am thinking of getting a condo around MPLS (uptown area) for 100k-150k or so.

I am curious...can I get a 30 year mortgage? (me and my mom weren't sure if it is possible, considering its a condo and not a home).

My mom was telling me about 1st timers getting mortgages, you can get some good deals from places like fannie may? Or should I just go to my credit union and get preapproved?

A little info about me, if you all dont know, I am 20 going to school full time, working 20-40 hours a week (depending if its the summer or school time). I have 700's credit score. (I have a loan out on my car, which I have had about a year, paid every time, even a little extra), never missed any payments on phone, car, credit card, etc. I owe nothing huge except school loans (unsub. stafford loans).

I don't want to rent, it's such a waste of money!! I feel a condo is a much better investment.

Could I get a place on my own in that price range? If not...I will probably have my girlfriend sign with me (if needed) either way, she will be living with me paying half the 'mortgage'.

any thoughts? Is this a stupid idea, over the top of my head? Or smartest thing for vivi to have post!

let me add...that I will most likely go to my credit union and get more specifics, I just want to get some of these generals down.

 

[Rogodin2]

It works if you plan on staying the general area for the next 10 years or so.

Rogo

 

[ViviTheMage]

Originally posted by: Rogodin2
It works if you plan on staying the general area for the next 10 years or so.

Rogo

doable, its a prime location and I have no issues with Minnesota .

 

[thecrecarc]

w00t, another Minnesotan!

 

[K1052]

You can get a 30 year on a condo.

Do you have 20% available for the downpayment in the price range you are interested in?

 

[Midlander]

Sounds like a good plan. I'd head straight to the CU. They will likely have the best rate. Also, come CUs give a rebate on interest paid at the end of each year. :beer:

 

[ViviTheMage]

Originally posted by: K1052
You can get a 30 year on a condo.

Do you have 20% available for the downpayment in the price range you are interested in?

nope! I will have to do a zero downpayment :|..or maybe 1k haha.

Originally posted by: Midlander
Sounds like a good plan. I'd head straight to the CU. They will likely have the best rate. Also, come CUs give a rebate on interest paid at the end of each year. :beer:

oooo, that'd be nice! haha