Hi, I am a first-time buyer considering a condo purchase in the Williamsburg or Greenpoint area. I was hoping to get some advice regarding obtaining a mortage; specifically, what amount and what rate I would likely be able to obtain. Here is my situation: I make $66,000 ( 10-20% bonus) per year and have $130,000 to cover a down payment and other costs. I have no debt, fully own a car (worth around... [more]
Hi,
I am a first-time buyer considering a condo purchase in the Williamsburg or Greenpoint area.
I was hoping to get some advice regarding obtaining a mortage; specifically, what amount and what rate I would likely be able to obtain.
Here is my situation: I make $66,000 ( 10-20% bonus) per year and have $130,000 to cover a down payment and other costs. I have no debt, fully own a car (worth around $25,000 resale) and have never had any late payments on any bills. I have had a credit card with a perfect payment record for the past year (I graduated in 2007 from college and this is my first credit card).
What I am a bit unsure about regarding my situation is this: I am interested in buying a condo for $450-500k, which would translate into a combined monthly mortgage and maintenance change or $2,200-2500.
On my income alone, this would be unmanagable; however, I have been and will be living with my girlfriend, who has an income of $45,000/yr (so combined we make $111,000/yr). We have agreed for her to pay $650/mo towards the mortage/maintenance, which would leave me with $1550-1850 I would need to pay, which is managable.
What I am wondering is whether a bank would be willing to loan me the kind of money I am talking about given my situation. My girlfriend does not want to be on the mortage, and probably would hurt the rate anyway since she has student debt (~$35,000). The only other option I've considered (but am not sure of its viability) is having my parents cosign; they have a stable high income and are wealthy.
In any case, please reply with any thoughts, advice etc. I apologize in advance for any egregious ignorance on my part regarding any of this process and ask you all to please keep in mind that I am just at the very beginning of considering whether this is a good idea.
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