Probably getting a house with the gf later this year

[fbrdphreak]

Originally posted by: robothouse77

Originally posted by: fbrdphreak
Forgot an important note here: I've got over $30K in student loans. Consolidated years 1-3 last summer, got the last year of a few separate loans for my senior year (this year).

i mean, the mortgage company will give you your loan based on a few things:

deliquent payments
current amount of debt
income

i mean, think about it. they want to know that they'll get paid. based off your income, that's a major part of it. sure, keeping a good credit score is invaluable, but if you can't make the payment with say 44% of your income, then you won't get the loan, or a really ****** rate

We got a good rate on the mortgage (well, SHE did) because (A) she works for the bank (State Employee's Credit Union) and her Dad & step-Mom co-signed on the loan.

I guess I should pull my report soon and contest anything on there, I need to stop being lazy about that 😛

 

[J0hnny]

Originally posted by: fbrdphreak

Originally posted by: robothouse77
occupations of you (future) and said gf?

Getting two engineering degrees, probly working more in the business/sales/marketing side of technology. Let's say $30-$40K starting salary, maybe more; I'm really not sure.

GF has another year of college after me, so who knows.

How do you get two engineering degrees and make so little!??!?

 

[dman]

Originally posted by: J0hnny

Originally posted by: fbrdphreak

Originally posted by: robothouse77
occupations of you (future) and said gf?

Getting two engineering degrees, probly working more in the business/sales/marketing side of technology. Let's say $30-$40K starting salary, maybe more; I'm really not sure.

GF has another year of college after me, so who knows.

How do you get two engineering degrees and make so little!??!?

Lack of experience & Global Sourcing -> Less Jobs in usa / Lower Pay

Good jobs are hard to find.

 

[fbrdphreak]

Originally posted by: J0hnny

Originally posted by: woowoo
Sounds like the girlfriend would be buying the house.

And you would be along for the ride.

Seriously,
Find out your credit score.
Dispute any bad entries
And
Save as much money as possible
And pay off your debt.

Yup, sounds like she's the one buying it.

Buying a house isn't necessarily the best thing. It may be cheaper to rent in the long run!

Seems to me as long as you don't get screwed when selling it, buying makes more sense so you have something to show for your money. But that's probly just me looking at it too simply 😛

And I agree with everyone about the gf thing. I'm asking now so I can start preparing for that possibility, but there will need to be talks way before it actually happens.

 

[fbrdphreak]

Originally posted by: J0hnny

Originally posted by: fbrdphreak

Originally posted by: robothouse77
occupations of you (future) and said gf?

Getting two engineering degrees, probly working more in the business/sales/marketing side of technology. Let's say $30-$40K starting salary, maybe more; I'm really not sure.

GF has another year of college after me, so who knows.

How do you get two engineering degrees and make so little!??!?

Because (A) my GPA won't be too great and (B) I won't be actually doing engineering. I don't want to do the things they "train" us for in college, even tho I paid $30K for degrees I won't technically use, but the technical nature will be very useful for my business/communication skills that none of the my classmates have. I will still be in the tech industry for sure, just not designing/improving sh!t.

 

[fbrdphreak]

And yes, it might technically be her buying the house in terms of putting down most of the money; that is a concern of mine in terms of equally buying this house. But my name will be on the application and everything, the downpayment is the only concern as to what contribution I have in it.

 

[Falloutboy]

I would get married before you buy the house, otherwise make sure its in your name incase things go fubar

 

[Thegonagle]

You don't need to know your scores just yet--today's scores won't matter in six months.

Get them if you wish, but the only way to get the genuine FICO credit score is to pay for it. (OP's score should be fairly decent with no 30+ day lates.)

On the other hand, it's relatively easy to get a free credit report minus scores. I believe many state law ensure you canget a free report from every major credit reporting agency (CRA) at least once per year.

Weather you pay for it or not, do get a credit report from each of the big three CRAs, and make sure they all have correct, non-conflicting information. If anything is wrong, go through each CRA's dispute process.

After you've ensured that your FICO scores will be calculated based on correct information, then go ahead and pay for your scores.

That's when you can get down to business of shopping for a mortgage.

 

[fbrdphreak]

Makes sense. Pulling the reports now will allow me to see if there are any probs, then once all is well pull the scores themselves.

 

[woowoo]

I would stay where you are at.

At least until future income becomes a reality.

And marry that sugarmama.....

 

[fbrdphreak]

The only problem with staying in the condo is that it is too small. We bought it for ourselves initially, and a future dog. Then her mom & sis moved to NZ on a whim, leaving us with 3 dogs & 4 cats. That was a PITA, but do-able. Now her 17 year old sis has had enough of NZ & is living with us. This is a 2-story, 2 bedroom, 3 bath, ~1200 sq ft condo with a like 10 sq ft "backyard."

Needless to say, we need a bigger place.

 

[Kelemvor]

The only thing you need to be conerned aboutwhen getting the mortgage is the MINIMUM Payment required on your Credit Cards. It doesn't matter if you have a $10k balance or a $100 balance. Now that's different for the actual Credit Score, but not for calculating the amount of the mortgage.

But the more CCs you have, the more the minimum payments are because they go by the theory that you could max them all out in one day if you ever wanted to.

But save up for the down payment. You do not want to pay PMI no matter what you do. If they tell you you don't have enough down payment and have to pay PMI, tell them to work something out. My mortgage guy basically gave us 2 mini-loans. One to make up the down payment and one for the actual mortgage. That way there was no PMI. There are many things they can do if they have been in the business long enough and know how....

But I'd also get the relationship settled first. Get married first as having a house if somethign bad were to happen would make things even worse.

 

[fbrdphreak]

PMI?

 

[fbrdphreak]

Originally posted by: FrankyJunior
But I'd also get the relationship settled first. Get married first as having a house if somethign bad were to happen would make things even worse.

I agree. Don't need headaches like that with $30K in student loans too 😱

 

[CombatChuk]

Originally posted by: fbrdphreak
PMI?

Private Mortgage Insurance

 

[dullard]

All of this applies to you and your girlfriend.

1) Don't borrow any more money. The fact that you do have CC balances, shows me that money management is not your best subject. So this may be difficult. But pay off your CC in full every month from now until you buy the house (and hopefully forever). Don't get any more car loans or any other form of loan. The only exception would be if you had to get more student loan money (and even then try to keep it small).

2) Don't get new credit lines. Don't apply for any new credit cards or store cards. Even if you get a "good offer", don't do it. Opening new credit lines will probably lower your credit score. Note: if you follow #1 above, there is no such thing as a "good offer" since you never pay interest anyways.

3) Seriously consider having your girlfriend buy the house outright and leave your name off of it (assuming the bank will let her borrow enough money). (A) If you break up, getting a person's name off the mortgage is extremely expensive (many thousands of dollars). (B) If you break up, things are just so much easier. (C) Having two people on a mortgage often leads to the break up to begin with. If you go this route, pay her your share of the downpayment at least 2 months before you apply for the mortgage (trust me, this is a must). Then pay rent to your girlfriend to live there.

4) PMI is an insurance policy that you pay tons of money for and the bank gets the insurance payout. It is like you buying life insurance with me as the beneficary. You pay the insurance costs, and if you die, then I get all the money. Wouldn't that be really stupid of you to do? Why let a complete stranger get the insurance benefit? Same goes with PMI, don't do it. To avoid PMI, you need 20% downpayment for a house. Of course, you can get a second bank loan for that 20%.

5) If you can, keep one credit card at $0 balance at all times. One of the credit agencies gives a bonus to your credit score if one card has a $0 balance.

6) Pay off everything on time. All bills.

 

[drnickriviera]

Jesus, just go to myfico.com and pull your report/score and get it over with.

 

[fbrdphreak]

Originally posted by: dullard
All of this applies to you and your girlfriend.

1) Don't borrow any more money. The fact that you do have CC balances, shows me that money management is not your best subject. So this may be difficult. But pay off your CC in full every month from now until you buy the house (and hopefully forever). Don't get any more car loans or any other form of loan. The only exception would be if you had to get more student loan money (and even then try to keep it small).

2) Don't get new credit lines. Don't apply for any new credit cards or store cards. Even if you get a "good offer", don't do it. Opening new credit lines will probably lower your credit score. Note: if you follow #1 above, there is no such thing as a "good offer" since you never pay interest anyways.

3) Seriously consider having your girlfriend buy the house outright and leave your name off of it (assuming the bank will let her borrow enough money). (A) If you break up, getting a person's name off the mortgage is extremely expensive (many thousands of dollars). (B) If you break up, things are just so much easier. (C) Having two people on a mortgage often leads to the break up to begin with. If you go this route, pay her your share of the downpayment at least 2 months before you apply for the mortgage (trust me, this is a must). Then pay rent to your girlfriend to live there.

4) PMI is an insurance policy that you pay tons of money for and the bank gets the insurance payout. It is like you buying life insurance with me as the beneficary. You pay the insurance costs, and if you die, then I get all the money. Wouldn't that be really stupid of you to do? Why let a complete stranger get the insurance benefit? Same goes with PMI, don't do it. To avoid PMI, you need 20% downpayment for a house. Of course, you can get a second bank loan for that 20%.

5) If you can, keep one credit card at $0 balance at all times. One of the credit agencies gives a bonus to your credit score if one card has a $0 balance.

6) Pay off everything on time. All bills.

Ah, some good info 🙂 Thanks!

PMI sounds like a bitch, screw that. We would avoid that one way or another, no doubt.

The only loans I have are student loans. Got like $700 on a $1900 limit CC and that's it; paying that off this month. It hasn't built up over a long time either, I pay a significant chunk of my balance each month if I don't pay it completely off. I've got enough cash to keep it paid off so I'm not worried about that.

I see your point about the new CC thing. Probly a good idea 😉

I was thinking about keeping my name off the house. That is just one whole sticky situation that I really don't know what to do with just yet. I'm not yet 100% sure this is the girl I want to marry, which is reason enough to keep my liability out of a new house. However I highly doubt she can get it herself later this year (A) still being in college and (B) still owning the condo (she's probly gonna rent it out so as not to lose money selling it). The theory is that with a full time job and good income, I should be able to help secure the mortgage. That is just one big damn can of worms that will be opened at some point. For now I guess I'll just do the best to prepare for the possibility 🙂

 

[dirtboy]

Originally posted by: krnxpride83
get married first

FTW.