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Hey /biz/ wanted you to weigh in on a question I have.
I am currently a student in my senior year of college for mechanical engineering with a minor in nuclear science and a minor in computer science.
I am looking at a piece of property I would like to purchase when I graduate for 209K. It is a subdivision with 1 large lot and 10 small cottages. There are significant repairs to do on the property. The property however is very close to my commute, and I think it will increase in value significantly. I would live in the large house, while repairing or tearing down the small houses.
I have experience working with building codes and managing contractors as I managed construction on my fathers house this last summer.
I have calculated I will need around 45K to make a 20% down payment including taxes, fees, etc. My father will help my by giving me a no interest loan of 20K.
Here is the problem, I will have around 40K in student loan debt upon graduation. Two 5 year loans which payments will begin 1 year after I graduate, and two 10 year loans which will begin 5 years after I graduate.
My credit score is currently 740, and I will have a job that will pay 80-85K before taxes.
Will I even be able to qualify for this mortgage if I can get the money together for the 20% down payment? Anyone have experience with this?
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Like all real estate investments, your mortgage broker is the best source of info. But make sure your total rent will be at least one percent of the total price. If not, don't buy it
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>>1627354
you should easily qualify AFTER you get your job and have worked there for at least 3 months.
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Wait until you actually get a job before saying how much you'll make.
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>>1627427
yeah, generally banks want to see at least the last three months of paystubs.
you're lucky. I'm self-employed. I have to show 3 YEARS worth of profits to get a standard mortgage.
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>>1627427
An offer would be a set amount not, 80-85K.
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>>1627434
This is because I do not know if I have to pay city tax. Additionally, I have not received my bonus package information.
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>>1627438
>and I will have a job that will pay 80-85K before taxes.
Why does city tax matter if this is before tax?
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>>1627474
Sorry it is a typo, I meant to say after taxes.
I will edit my post if possible. Why are you so concerned about this 5K difference? Will this effect my ability to be approved or are you just trolling or something?
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>>1627486
he's just concerned that you're not being honest with yourself. Either way you're counting chickens that haven't hatched and may never.
banks want to see what you've made, not what you might make later.
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>>1627491
I have signed my contract for 78K per year. The bonuses for my position range from 2-10K according to Glassdoor.
I do not get how it is not important to plan in advanced for my graduation in a few months. I have literally signed the contract and will begin working in May.
Thanks for the answers to everyone else, I will be sure to wait 3 months before applying.
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>>1627498
>do not get how it is not important to plan in advanced for my graduation in a few months
It IS important.
your bank won't care about your plans is all.
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>>1627498
>I have signed my contract for 78K per year.
>My credit score is currently 740, and I will have a job that will pay 80-85K before taxes.
>The bonuses for my position range from 2-10K according to Glassdoor.
>Sorry it is a typo, I meant to say after taxes.
There are so many discrepancies in your posts. Please do not count money before you earn it.
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>>1627602
Do you have autism?
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