How hard will it be to get a mortgage with my status?

First time buyer here, curious to hear how difficult it will be to get a mortgage as I plan to buy in August/September. I am going to be staying at my dad’s place for free until then to save money to put in a good amount as a down payment. So from March – August I will be able to actively save about 3,000-3,500 per month. Currently I pay $1900 per month for my current apartment which I will be moving out in 1.5 months to live at my dad’s place for free.

Income:

– $103,000 per year, been at this company for four years, very stable job. After taxes and all deductions, my income per month comes to $5,790. In March, when I find out what my raise is (and I also am getting a promotion) that income will increase. So it may increase anywhere from $106,000 – $120,000, but won’t know for another couple of months.

Debts: Only debts I have are student loans but they are significant. Credit card will be paid off by the time I am ready to buy, and I don’t own a car (nor plan on buying one as its not needed where I live and plan to buy):

– Student Loans: Private Student Loan: $570 a month, Federal Loan: $400 a month

Credit Score:

– 675 – When I moved apparently an electricity bill from my old apartment was never sent to me and led me to become delinquent which it’s all been paid for but it hurt my score which was closer to 700. However, I have not been late on credit card payments (in years) nor student loan payments (never have missed a payment). Those have been current forever now.

Mortgage: I am looking for a mortgage around $175k – $250k. I am looking to buy a condo, be it a one-bedroom or studio condo. But the goal is to start investing my money instead of wasting it on rent. t’s not a forever home, but the goal is to live there and build equity, and when I make more money buy a bigger place, and rent out this one to use it as investment. Current city I live in (Miami) where it’s cheaper to buy a condo at the moment then it is to rent!

Thoughts? Advice?

submitted by /u/frimpter928
[link] [comments]

First time buyer here, curious to hear how difficult it will be to get a mortgage as I plan to buy in August/September. I am going to be staying at my dad’s place for free until then to save money to put in a good amount as a down payment. So from March – August I will be able to actively save about 3,000-3,500 per month. Currently I pay $1900 per month for my current apartment which I will be moving out in 1.5 months to live at my dad’s place for free. Income: – $103,000 per year, been at this company for four years, very stable job. After taxes and all deductions, my income per month comes to $5,790. In March, when I find out what my raise is (and I also am getting a promotion) that income will increase. So it may increase anywhere from $106,000 – $120,000, but won’t know for another couple of months. ​ Debts: Only debts I have are student loans but they are significant. Credit card will be paid off by the time I am ready to buy, and I don’t own a car (nor plan on buying one as its not needed where I live and plan to buy): – Student Loans: Private Student Loan: $570 a month, Federal Loan: $400 a month ​ Credit Score: – 675 – When I moved apparently an electricity bill from my old apartment was never sent to me and led me to become delinquent which it’s all been paid for but it hurt my score which was closer to 700. However, I have not been late on credit card payments (in years) nor student loan payments (never have missed a payment). Those have been current forever now. ​ Mortgage: I am looking for a mortgage around $175k – $250k. I am looking to buy a condo, be it a one-bedroom or studio condo. But the goal is to start investing my money instead of wasting it on rent. t’s not a forever home, but the goal is to live there and build equity, and when I make more money buy a bigger place, and rent out this one to use it as investment. Current city I live in (Miami) where it’s cheaper to buy a condo at the moment then it is to rent! Thoughts? Advice? submitted by /u/frimpter928 [link] [comments]

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