coolnate32
New member
First of all I want to start by saying I'm not certain that I will even purchase a home in the next few years, I just have some questions about buying a house because I'm thinking it might make more sense then renting an apartment. I'll give some background information. I'm a freshman in college. I owe around $7,500 on a $25,000 car which is under $150.00 a month. I'm 19, have had 3 car loans successfully paid off, credit cards totaling $4,000 of limit but they are always paid off in full every month. I have a few thousand dollars in savings but nothing too drastic. My credit score is somewhere between 650 and 725 but keep in mind I only have around 14 months of credit. I work a part time job of around 20 hours a week, but Its good money in my opinion. I make around $1500 - $2000 a month gross income. I've seen a couple houses I like online for under $40,000. Is buying a home of that price in the next four months out of reach realistically? I'm not really worried about affording the payments because I will have 1-2 room mates paying some of the bills, and my parents are great and would definitely help me out. How much do you think I would have to put down? And do i have any remote chance of getting approved? I don't think I have anyone that could cosign for me. It just seems like with the tax credit, and the current house prices it would really make sense if it's possible. I really don't wanna fork out around $700 a month just to rent when it seems like i could be paying close to that to own.