Hi All and thanks for your help!
I am 23, currently a 1st year teacher in CT fresh out of college in my first job. I have a Master’s and about $ 11,000 in student loans.
I am interested in buying a small home this summer. I’m hoping to buy somewhere under $ 200k.
I have great credit. Never made a late payment in my life. All utilities for a home have been in my name for over 2 years. No debt other than the student loans. I only have one credit card, however, and I use it rarely and for never more than about $ 100, which I pay in full at the end of every month.
Will I be able to get a decent mortgage for that amount? Being a first-time homebuyer? I will have a down payment of about $ 20,000 I believe. I can also, should it be necessary, have a member of my family with great credit history co-sign the loan.
What should I be doing? Advice? Is this feasible?
Thanks so much, I’d love to chat with someone who knows a lot about homebuying. Please feel free to email me!
I also wanted to add, and I don’t know if it makes a difference to a bank or not, that I plan to rent bedrooms to two people, which will add a significant amount to my income each month.
Sorry- I make $ 47,855 this year, and will make $ 51,500 next year.