Article Score0

I’m 21 and live w/ my parents. I am in my 3rd yr of college and have a crappy job.

My credit score is 760.

I have $ 20,000 saved up, $ 10,000 of which I would feel comfortable spending on a 20% down payment, closing costs, and minor cosmetic home improvements.

I earn minimum $ 1,400 a month after taxes, $ 1,700 on a good month.

I have no debt.

I spend $ 300 a month on groceries, clothes, gas, entertainment, gifts, car upkeep, gifts, etc. I’ve done a very detailed Expense Analysis over the last few months to determine this.

My other bills (car insurance and cell bill) are $ 150 a month.

Otherwise I live very frugally (keep utility bills low, no cable…)

I am expecting many to say no, but honestly there is a house I want that is $ 35,000. It is outdated cosmetically but has newer roof, windows, water heater. It’s in a nice neighborhood of a VERY nice city. Her is the link so you don’t think it’s a shack…

http://www.changingstreetsflint.com/view/faar_mls.asp?listingid=04100827

I’m expecting my payment (principle interest, taxes, homeowner’s insurance) to be about $ 375.

Your opinion? Thanks 🙂

1 Thought on Do you think I should buy this house?
  1. Reply
    lea
    August 17, 2011 at 8:07 am

    you’ve asked this question so many times already…

    you could afford it now… but what about in a year or two when you need to start paying your student loans back?

    Leave a reply

    Register New Account
    Reset Password