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You've got a some positives working for you. You are young and gainfully employed. I've been an agent for a short time here in LA and I just sold a property to a couple whose combined income was about $130,000. They purchased thier home for $615,000 with no money down 30 year fixed rate 6.5%. Their payment works out to about $4,300 a month. They were able to pull it off because their credit was strong.
I have no idea what your income is but I get the sense that you may want to set your sights a little lower price wise. $700 is a lot. Like some of the other posts mentioned you may want to keep your eyes open for a fixer upper, maybe multiunit. Turn those room mates into tenants! That will help to offset your mortgage and build equity. If you purchase something decent you could turn that into a keeper and finance another purchase down the line with the equity. The key is having solid credit to qualify for better terms and rates and try to get as much as a down as possible. Stay away from adjustable and interest only loans. Lock in a low interest long term mortgage with your good credit. Don't forget, you have to learn to walk before you can run!
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