Buying a Home

[dddsmack]

Is it too much to say that with good credit history and a small to no down payment, entering students can afford to buy a home ($100,000-150,000) based on the D-school housing allocation in the budget?

How many of you guys were able to do this? What was the process like for you?

Thanks

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[Ex_EE]

Is it too much to say that with good credit history and a small to no down payment, entering students can afford to buy a home ($100,000-150,000) based on the D-school housing allocation in the budget?

How many of you guys were able to do this? What was the process like for you?

Thanks

If you have a good credit history you can buy a home. I did that while taking prereqs after I quit my job. I got a loan that was a no document loan. I documented my savings, but did not need to document my income. The interest rate is slightly higher, but not that bad. Also, I would suggest that if you are not putting 20% down, that you look into an 80, 15, 5 loan. Finance 80% with a second loan of 15% and 5% down (or even less just adjust the second loan percent). This keeps you from wasting money paying mortgage insurance.

 

[I'mFillingFine]

Because real estate in Buffalo is SUPER cheap (newly redone 3-bedrooms in nice areas for 150K), a few of my classmates decided to buy, and seem to be handling it well.

However, I think all of them who have plan on selling right when they graduate......though Buffalo is picking up, it doesn't seem too likely that it will shoot up enough to make a seller's market by that time. So just be careful about what you plan to sell in a few years.

If you plan on staying in the area and it ends up being cheaper than renting (or you have great credit), then go for it!