mortgages

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What are other people getting for the debt to income ratio? BOA only allowed me 33% housing debt and that seems a little low.

 

[EM Junkie]

What are other people getting for the debt to income ratio? BOA only allowed me 33% housing debt and that seems a little low.

Compass Bank is not as strict as BOA as far as debt:income ratios. See my other posts re: my experiences with Compass Bank!

 

[ewells]

Can you be more specfic regarding your good faith. For example: Does the $4000 include your prepaids/reserves for escrows or just closing costs? Does your rate carry an origination fee? My closing costs included such items as application fee, origination fee of 1%, attorney, title insurance, appraisal, and small other lender closings costs. I closed with B of A and had compared them to other banks doing the doctor loans and they were about the same. My lender was Jennifer Whitley at B of A. [email protected] I am sure she could let you know if your quote is reasonable.

THIS IS K'S MOM...CAN'T LOG OUT OF EWELLS' ACCOUNT.

Our BofA loan has NO origination fees, NO points, no cost for rate lock. (Deborah Wilson, Bank of America ([email protected])
Regardless of the loan you choose, be careful of transfer fees that can vary from non-existant to outrageous, depending on your state or municipality. Ask your realtor. We were shocked that Pennsylvania has a 2% transfer tax (buyer pays 1%, Seller pays 1%)...although it is even higher in PA's urban areas. Also, we have to pre-pay 14 MONTHS worth of school taxes....just these two items alone are over $5,000. Thankfully, the seller agreed to pay $5,000 towards our closing costs. Otherwise, we might be able to close, but certainly couldn't afford to pay the mortgage those first few months.
Always learning something new!

 

[14022]

Seems like a lot of fees to me, but i'm new to this game and have no idea if a "commitment fee" is really $619, or what exactly that even is?

Anyway, thought I'd put this up there so others have an idea.

This in fact includes includes the appraisal, doc prep fee, and all processing costs as another poster indicated. This is good for the fee. The appraisal alone will cost the bank at least $300, and several lenders/brokers will charge over the $619 that BOA charges for all of these for just the appraisal.

 

[DrRoy]

What are other people getting for the debt to income ratio? BOA only allowed me 33% housing debt and that seems a little low.

Bank of America allowed me up to 38% debt ratio and I took the interest rate that carried the 1.00% origination because it was a lower rate and gave me a lower payment.

 

[meri222]

I have read several positive remarks about ING in terms of fair/low mortgage rates, and I wondered if anyone had any contact info regarding specific Lenders?

Thanks! Any help is MUCH appreciated!

 

[jargon124]

Is anyone out there headed for U Utah this summer and thinking of buying a place? I'm thinking of buying a condo and was wondering if anyone knows of lenders that offer doctor-type loans there? How about local banks that have been known to work with incoming residents? Since as far as I know BOA does not have a branch in Utah I assume I'm not eligible for their program, which sucks since it sounds like a great deal. Is there any way to get around this BOA requirement? Thanks for any imput...

 

[EctopicFetus]

Yeah the best rate I got using a broker was 5 7/8 and then the 2nd mortgage at 7.5% aggregate was 6.29 or so. Me and the wife decided that going with the BofA loan at 6 3/8% and keeping the other 10% makes more sense for us. Also BofA gave it to me over 40 years lowering my monthly payment. The 40 yr mortgage is somewhere between a 30 yr and an interest only..

 

[EctopicFetus]

Is anyone out there headed for U Utah this summer and thinking of buying a place? I'm thinking of buying a condo and was wondering if anyone knows of lenders that offer doctor-type loans there? How about local banks that have been known to work with incoming residents? Since as far as I know BOA does not have a branch in Utah I assume I'm not eligible for their program, which sucks since it sounds like a great deal. Is there any way to get around this BOA requirement? Thanks for any imput...

Actually it doesnt matter if they have a branch. Call BofA and ask if they lend in Utah. Also ask the Program Coordinator or one of the residents who they use.

 

[Ergo]

Edit

 

[Plastikos]

Hi,
Ive got pretty bad credit, at 609, 630, and 641. Of course, I dont qualify for the Dr loan. I bought a 180k house.
I just got a mortgage at 5.875 for 30 yr, I didnt pay any points. I chose to put 20% down, but that much wasnt required. There were approx 3k closing costs. Chase mortgage.

How come you couldnt get a Dr. loan? My score is 621 at its best and they gave me the 0 down/no PMI. It looks as though you got a nice deal anyway though.

 

[ajimd]

Has this been pretty much the standard for the Docs loans:
$120K home
0 PMI
0 down
0 origination fee...etc.

6.5% IR on 7/1 ARM (locked at 6.5%)
~$2,000 closing costs
What else is there to consider?

 

[DrRoy]

Has this been pretty much the standard for the Docs loans:
$120K home
0 PMI
0 down
0 origination fee...etc.

6.5% IR on 7/1 ARM (locked at 6.5%)
~$2,000 closing costs
What else is there to consider?

1st year of Homeowner's Insurance and about 2-3 months of Property Taxes and Homeowner's Insurance Reserves if you do an escrow. Be sure and ask your lender if the $2000 includes "Reserves & Pre-Paids"

 

[ajimd]

Yeah, the $2000 covers the pre-paids, reserves, and other fees.
Home owners insurance is included in our monthly mortgage calculation and not too sure about the property taxes, but most likely < $1,000.

 

[Poety]

I made my loan sound bad - mine was a no doc, which means no verification of anything, and no questions about anything - I did this because with my debt 250K there was no way I was going to get the payment I wanted and close in 2 weeks by doing this any other way.

I could have done full doc and got way less closing costs -but I payed to get outta the hassle (I have complicated finances I didn't want to get involved in).

I hope I didn't scare people that are going full doc away from quicken since the deal would have been much better had I done full doc - I just couldn't be bothered 😛

ETA: also for homeowners I use Liberty Mutual which is CHEAP - and I suggest getting liability umbrella coverage - I have 2million for 200 bucks a year. I pay 1200 for full car coverage, homeowners and the liability.

And whoever asked about loans - my house was 191K, I put down 45K total and I don't escrow taxes (700/yr) or homeowners (700/yr) since I'd prefer to collect the interest off that money rather than let the bank do it for me

 

[DrRoy]

Yeah, the $2000 covers the pre-paids, reserves, and other fees.
Home owners insurance is included in our monthly mortgage calculation and not too sure about the property taxes, but most likely < $1,000.

Sounds like you got a great deal!

 

[teninepit]

I made my loan sound bad - mine was a no doc, which means no verification of anything, and no questions about anything - I did this because with my debt 250K there was no way I was going to get the payment I wanted and close in 2 weeks by doing this any other way.

I could have done full doc and got way less closing costs -but I payed to get outta the hassle (I have complicated finances I didn't want to get involved in).

I hope I didn't scare people that are going full doc away from quicken since the deal would have been much better had I done full doc - I just couldn't be bothered 😛

ETA: also for homeowners I use Liberty Mutual which is CHEAP - and I suggest getting liability umbrella coverage - I have 2million for 200 bucks a year. I pay 1200 for full car coverage, homeowners and the liability.

And whoever asked about loans - my house was 191K, I put down 45K total and I don't escrow taxes (700/yr) or homeowners (700/yr) since I'd prefer to collect the interest off that money rather than let the bank do it for me

Where on earth are you moving to that homeowners and taxes on a 191k house is that low. In the midwest taxes run 1600 just for a 20 yr old house 135k with homeowners just a bit lower than that maybe 1100.

 

[Poety]

Where on earth are you moving to that homeowners and taxes on a 191k house is that low. In the midwest taxes run 1600 just for a 20 yr old house 135k with homeowners just a bit lower than that maybe 1100.

S. Carolina 🙂 I'm so glad to be outta Jersey 😍

 

[ajimd]

S. Carolina 🙂 I'm so glad to be outta Jersey 😍

Where in South Carolina are you headed Poety?

 

[teninepit]

S. Carolina 🙂 I'm so glad to be outta Jersey 😍

Hurricane risk and homeowners is that low?? We get stuck due to tornado/hail risk around here. Not to doubt you but are you sure the cost is accurate? Or they wont stick it to you after a teaser rate.

I only ask because I work with insurance companies and unfortunately know how they work.

 

[Ergo]

B of A and SunTrust (the big 'official' Dr Loan companies) require >700 for their Dr Loans.

How come you couldnt get a Dr. loan? My score is 621 at its best and they gave me the 0 down/no PMI. It looks as though you got a nice deal anyway though.

 

[Poety]

Hurricane risk and homeowners is that low?? We get stuck due to tornado/hail risk around here. Not to doubt you but are you sure the cost is accurate? Or they wont stick it to you after a teaser rate.

I only ask because I work with insurance companies and unfortunately know how they work.

I'm positive, but thanks! - my homeowners is actually 538/yr with a 2500 deductible (nothing when it comes to a home) I pay 200/yr for 2 million umbrella coverage- This is a big insurance company, theres no BS'ing around on the price, it is what it is (and from my 10+ years experience, I've never had an insurance company say it was one price then change it - if they're doing that, its because they forgot something, or found out something else on your driving record for car insurance - homeowners should NEVER be "tweaking" a price quote)

My car is insured for 250/500K full coverage - 900/yr.

So thats 1600/yr for all of it.

Welcome to S. C. 🙂 Smiling faces, beautiful places - woooo hooo 👍

ETA: my state taxes - on this house - are 700/yr (200 this year since its a new construction)

 

[Sohalia]

Sorry if this has already been posted, I haven't read the whole thread yet.

Here's a website that explains many terms and gives a lot of background information. It's divided into sections that should take about 30 mins each to go through:

http://www.goodmortgage.com/mortgage_school/index.htm

 

[hayixie]

I am looking for a mortgage of 350K-450K with 150k in savings, good credit scores but just 45K salary from my residency. Is it doable? Shall I go for physician loans or just the regular mortgage loans with 20% down? It's expensive to buy a house here in the west coast. Appreciate a quick input!

 

[Poety]

I am looking for a mortgage of 350K-450K with 150k in savings, good credit scores but just 45K salary from my residency. Is it doable? Shall I go for physician loans or just the regular mortgage loans with 20% down? It's expensive to buy a house here in the west coast. Appreciate a quick input!

I think you might have to put down the full 150K to get that payment doable for mortgage approval. You can also do a no documentation loan so they don't verify your income (if you're sure you can handle the payment) but you need really good credit for a no doc. If you have other questions, pm me.

 

[yobabydoc]

Other than Bank of America. Did anyone have awesome experiences with any other lenders? Interested to know

 

[tridoc13]

Other than Bank of America. Did anyone have awesome experiences with any other lenders? Interested to know

For people going to Colorado, I had a very, very good experience with a lender there. If you want more info, PM me! 🙂

 

[EM Junkie]

Other than Bank of America. Did anyone have awesome experiences with any other lenders? Interested to know

Read the previous posts. Many people have posted their positive and negative experiences with a variety of lenders. There are many, many pages of testimonials from medical students and residents.

I have posted my experience in this thread with Drew Daniels, a lender with Compass Bank in Austin - I highly recommend him! As I said above, check the previous posts in this thread for details.

 

[Koko]

Got a sweet "Doctor Loan" from a local bank (Eagle Crest Capital Bank) in Rochester.

0 down
5.75% on a 5 year ARM (of course your rate may vary)
100% financing on one loan
no PMI
reasonable closing costs (~$4000)!

Unfortunately I do NOT think that they offer this loan nationally, I think that the program was developed specifically for Mayo residents. I was told that it is available to Scottsdale and Jacksonville residents as well as those in Rochester.

I've been working with Danae Ostern. She has been very helpful. This is not well advertised on their web site but it's worth a call to check it out.
507-280-7200
http://www.eccbank.com/

PM me with questions.

Just wanted to second this. Wasted time with a joker of a lender that was recommended from USBank, but was thoroughly impressed with these folks. Worked with Robert Baudhuin. Terrific experience.

 

[Poety]

I just wanted to share my experience with Bank of America. I have worked with David Benson, who has been wonderful. He has made me feel very comfortable with the entire situation. He has answered all of my phone calls and emails promptly. He even took the time to go over GFE's from other lenders that I was considering. I haven't closed yet, but I do not anticipate there being any problems between now and then. I will be sure to provide an update after we have closed. You can get info at www.mortgagesforphysicians.com.

I'll back up this post as well - David Benson ROCKS and he was even one to tell me he couldn't beat the mortgage deal I had with quicken - if you're looking for a doctor loan, David is the way to go. He helped me even knowing he wasn't going to get my business!

 

[fishmonger69]

Hi,
Ive got pretty bad credit, at 609, 630, and 641. Of course, I dont qualify for the Dr loan. I bought a 180k house.
I just got a mortgage at 5.875 for 30 yr, I didnt pay any points. I chose to put 20% down, but that much wasnt required. There were approx 3k closing costs. Chase mortgage.

do you have the contact info for the person you talked with? also, when did you lock the rate as the following are current rates from chase with .5 points

30 Year Fixed Rate 6.625% 0.500 6.674%

if you got in a 30 yr fixed at 5.875 with an apr under 6 i want to talk to your person. not to rain on your parade, but they might be screwing you come closing time. my middle credit score is 768 with plenty of reserves for 30%+ down payment on a $150k loan and to do a no doc the best i can get anywhere is 6.75. if i do doc the best on the same 30 year fixed without points is still above 6.

 

[Mumpu]

Why would you get a 30 year fixed interest loan? Are you planning to stay in the house for 30 years? A 3/1 should have lower interest, and your interest after 3 fixed years should increase by no more than 2%.

 

[Poety]

do you have the contact info for the person you talked with? also, when did you lock the rate as the following are current rates from chase with .5 points

30 Year Fixed Rate 6.625% 0.500 6.674%

if you got in a 30 yr fixed at 5.875 with an apr under 6 i want to talk to your person. not to rain on your parade, but they might be screwing you come closing time. my middle credit score is 768 with plenty of reserves for 30%+ down payment on a $150k loan and to do a no doc the best i can get anywhere is 6.75. if i do doc the best on the same 30 year fixed without points is still above 6.

Hi Fish, I got a no doc - 6% fixed for the life of the loan, 10 year interest only arm (have option to pay more on it if I choose each month - which is doable at 757/mos) I payed points to get the rate that low. If you want the low rates on a no doc - I called around too and it seems you have to pay for them no matter where you go (I averaged the cost though and since I'm staying here for 5 years and I can deduct the points on taxes, it was worth the 4K) If you're interested in my mortgage guy PM me 🙂 Or scroll up - I posted his info all over 🙂 Good luck!

 

[fishmonger69]

Why would you get a 30 year fixed interest loan? Are you planning to stay in the house for 30 years? A 3/1 should have lower interest, and your interest after 3 fixed years should increase by no more than 2%.

residency will be at least 6-7 years with research and might stick around for another 2 years for fellowship. puts me at 9 years, well beyond 3/1, 5/1, 7/1 arms. 10/1 arms are actually more expensive than 30 fixed. also not interested in I only because i can't guarantee appreciation, but i can make biweekly mortgage payments to start hitting the principal earlier in the loan.

poety: thanks for the info. i was thinking of buying the rate down, but Ergo said he was getting 5.875 on a 30 yr (assuming it was fixed, not an ARM) without paying points and putting 20% down. if i can find that deal, i'll jump on it.

thanks for the responses. ERGO if you get this please let me know who the mortgage guy was willing to run that loan through. thanks.

btw, here are the recent 0 point numbers from the chase mortgage website with nothing close to 5.875

 

[yobabydoc]

Does anyone know if I quit claim my property to someone else if I am still responsible for the mortgage payment? or even if I added someone to the deed how does that affect my credit or qualifying for a larger mortgage? I have pretty good credit right now it is just that my D:I ratio is strained since i own a proerty that i will not be selling. Thanks for any input

 

[Poety]

residency will be at least 6-7 years with research and might stick around for another 2 years for fellowship. puts me at 9 years, well beyond 3/1, 5/1, 7/1 arms. 10/1 arms are actually more expensive than 30 fixed. also not interested in I only because i can't guarantee appreciation, but i can make biweekly mortgage payments to start hitting the principal earlier in the loan.

poety: thanks for the info. i was thinking of buying the rate down, but Ergo said he was getting 5.875 on a 30 yr (assuming it was fixed, not an ARM) without paying points and putting 20% down. if i can find that deal, i'll jump on it.

thanks for the responses. ERGO if you get this please let me know who the mortgage guy was willing to run that loan through. thanks.

btw, here are the recent 0 point numbers from the chase mortgage website with nothing close to 5.875

Hey Fish, on a full doc, I could have gotten 5.875 fixed 30 year, definitely doable. But with P and I it was a bit outta my price range for what I wanted the payment to be 🙂 I think you can find that rate still if you shop around! Good luck!

 

[14022]

Does anyone know if I quit claim my property to someone else if I am still responsible for the mortgage payment? or even if I added someone to the deed how does that affect my credit or qualifying for a larger mortgage? I have pretty good credit right now it is just that my D:I ratio is strained since i own a proerty that i will not be selling. Thanks for any input

I don't know exactly what "quit claim" means but from how I understand your second question, I will try to answer it. I have a friend who purchases homes with other people (they rehab the homes and then sell) so he has had loans with multiple borrowers on them (is this what you mean by adding someone to the deed?). According to him, your credit report will indicate the entire balance on the loan for the home. Therefore, if 2 people have a loan for a $200,000 home, each person's credit report will show each to be responsible for the entire $200,000, not $100,000 each; the thought being that if one person stops paying, the other is still responsible for the entire monthly payment or else each person is in default. However, when computing the D:I ratio, the bank takes the combined income from the entire group when computing this.

And Poety, the correct term is PMI (Private Mortgage Insurance), not P and I. 🙄

 

[Plastikos]

And Poety, the correct term is PMI (Private Mortgage Insurance), not P and I. 🙄

I think she means Principal and Interest as part of the PITI equation (Taxes and Insurance).

 

[14022]

I think she means Principal and Interest as part of the PITI equation (Taxes and Insurance).

Oh man, I am an idiot! Sorry, Poety!

 

[Poety]

Oh man, I am an idiot! Sorry, Poety!

No worries 🙂

And a quit claim deed releases your interest in a property, however it will not release you from being on a note unless the note is bought by a 3rd party mortgager that doesn't sign you as a responsible party.... or ofcourse if its payed off in its entirety.

 

[PLK7905]

Hello, I just wanted to sing the praises of Drew Daniels from Compass bank for a physician loan. I originally got pre-approved both through them and through Bank of America. I was thinking we would go with Bank of America, especially since they had told me that since my husband is in a high-need profession (teaching), they could approve us for a loan through based on my salary and 3/4 of his current salary even if he didn't have a job yet in the area to where we are moving.

However, once the preapproval processed finished, my Bank of America representative (who I found through physician relocation services) dropped of the face of the earth--it has been nearly 2 weeks now, no response to multiple phone calls and emails to her and her assistant. I was getting desperate, so, I tried contacting someone else from bank of america, and was told that with the doctor's loan they could NOT coun't any of my husband's salaray and could only approve me for a fraction of what the other rep told me we were approved for--and only if we had 8 months of mortgage payments in the bank!

Today my husband and I are in our new location looking for houses (and a job for him), and I finally contacted Drew from Compass Bank again (on a Saturday on his cell phone!), and he said that he could approve us for the original amount we wanted without my husband having a job yet. He said that our approval was based on more than numbers, that they were interested in a banking relationship with us. Every time I have called him he has been so responsive and willing to help with anything--I highly recommend him, especially if BOA is too restrictive for you. I will come back and review him again after the closing. Just wanted to give him a little plug for being so incredibly helpful and flexible.

 

[Zummy]

Lender: Home Savings and Loan Co. (www.homesavings.com)

Purchase amount: $300,000 (we actually requested and were pre-approved for $350K)
FICO Score range: 739-785 (me) and 739-759 (spouse)
About us: Combined gross income once residency starts will be around $120-135K. We have substantial credit card debt 🙁
Type: 5/1 year ARM at 6.24% (option to lower the interest rate with more money down, a shorter ARM and/or pay points)
Points: none
PMI: No
Cash Down: 5%
Allows down pmt to be "gifted": Yes
Closing costs: around $2,200

This company didn't really have a "physician's loan" per se, although they said they were just adding one on to the types offered, and so they were able to do mine essentially as a physicians loan by not taking into account my student loan debt, using my residency contract for income and allowing less money to be put down. I'm not sure if they have a zero down option if you're asking for less money, but for 300K, they wanted min. of 5% down. Not sure which states they do (I'm in NE Ohio)

Overall, hasslefree and positive experience!! BTW, I used Juan Santiago who was friendly and helpful.

 

[EM Junkie]

Hello, I just wanted to sing the praises of Drew Daniels from Compass bank for a physician loan. I originally got pre-approved both through them and through Bank of America. I was thinking we would go with Bank of America, especially since they had told me that since my husband is in a high-need profession (teaching), they could approve us for a loan through based on my salary and 3/4 of his current salary even if he didn't have a job yet in the area to where we are moving.

However, once the preapproval processed finished, my Bank of America representative (who I found through physician relocation services) dropped of the face of the earth--it has been nearly 2 weeks now, no response to multiple phone calls and emails to her and her assistant. I was getting desperate, so, I tried contacting someone else from bank of america, and was told that with the doctor's loan they could NOT coun't any of my husband's salaray and could only approve me for a fraction of what the other rep told me we were approved for--and only if we had 8 months of mortgage payments in the bank!

Today my husband and I are in our new location looking for houses (and a job for him), and I finally contacted Drew from Compass Bank again (on a Saturday on his cell phone!), and he said that he could approve us for the original amount we wanted without my husband having a job yet. He said that our approval was based on more than numbers, that they were interested in a banking relationship with us. Every time I have called him he has been so responsive and willing to help with anything--I highly recommend him, especially if BOA is too restrictive for you. I will come back and review him again after the closing. Just wanted to give him a little plug for being so incredibly helpful and flexible.

We should start a "Drew Daniels Fan Club" together

 

[spalatin]

Hello, I just wanted to sing the praises of Drew Daniels from Compass bank for a physician loan. I originally got pre-approved both through them and through Bank of America. I was thinking we would go with Bank of America, especially since they had told me that since my husband is in a high-need profession (teaching), they could approve us for a loan through based on my salary and 3/4 of his current salary even if he didn't have a job yet in the area to where we are moving.

However, once the preapproval processed finished, my Bank of America representative (who I found through physician relocation services) dropped of the face of the earth--it has been nearly 2 weeks now, no response to multiple phone calls and emails to her and her assistant. I was getting desperate, so, I tried contacting someone else from bank of america, and was told that with the doctor's loan they could NOT coun't any of my husband's salaray and could only approve me for a fraction of what the other rep told me we were approved for--and only if we had 8 months of mortgage payments in the bank!

Today my husband and I are in our new location looking for houses (and a job for him), and I finally contacted Drew from Compass Bank again (on a Saturday on his cell phone!), and he said that he could approve us for the original amount we wanted without my husband having a job yet. He said that our approval was based on more than numbers, that they were interested in a banking relationship with us. Every time I have called him he has been so responsive and willing to help with anything--I highly recommend him, especially if BOA is too restrictive for you. I will come back and review him again after the closing. Just wanted to give him a little plug for being so incredibly helpful and flexible.

So typical for BOA, the Drew fan club is a good idea.

 

[fishmonger69]

Hey Fish, on a full doc, I could have gotten 5.875 fixed 30 year, definitely doable. But with P and I it was a bit outta my price range for what I wanted the payment to be 🙂 I think you can find that rate still if you shop around! Good luck!

i'm assuming you would be paying points to get that rate, especially considering the jump rates have taken just in the past 4 weeks. i appreciate that there are lenders willing to give me close to 5.9% with 4-5 points, but that just throws the APR back up to the same area as a no point 6.6% loan. that rate will also require documentation secondary to 'increased risk' with no documentation.

i wanted to know how someone[ERGO] with subpar credit was able to get a no point, no doc loan without PMI fixed for 30 years at 5.875, unless that was some sort of ARM. oh well, i'm locked in so no biggie. thanks.

 

[obgyn06]

We should start a "Drew Daniels Fan Club" together

Do you know what states he can do mortgages in? Also -- I would love some contact info for him!! THX.

 

[EM Junkie]

Do you know what states he can do mortgages in? Also -- I would love some contact info for him!! THX.

Drew Daniels, Compass Bank
Phone: 512-419-3435
Email: [email protected]

Scroll to page 12 of this thread for more details of my experiences. Not sure what states he works in, but I know of Texas for sure!

 

[PLK7905]

We should start a "Drew Daniels Fan Club" together

I'm in! He is just so accomodating and easy to work with...big fan here. 🙂

 

[KluverBucy]

i want more money. why can't they pay us 100 grand a year for being a intern/resident? this sucks.

anyway, anyone know if this is possible or if i will get approved...

i would like to spend no more than 1600 total for housing. i found a condo for 240,000...and wondering if it's possible to afford. different mortgage calculators say different things. bottom line is whatever the mortgage is, plus 500 bucks/month for taxes and assessments is what i'm trying to squeeze into 1600/month. that way i can use the rest of my measly salary to do more important things...like eat. thanks.

 

[Poety]

i want more money. why can't they pay us 100 grand a year for being a intern/resident? this sucks.

anyway, anyone know if this is possible or if i will get approved...

i would like to spend no more than 1600 total for housing. i found a condo for 240,000...and wondering if it's possible to afford. different mortgage calculators say different things. bottom line is whatever the mortgage is, plus 500 bucks/month for taxes and assessments is what i'm trying to squeeze into 1600/month. that way i can use the rest of my measly salary to do more important things...like eat. thanks.

Hey Kluver, you want to only have 250/wk for eating/utilities/car/gas/misc? Or do you mean you and your partner can pay 1600/mos? If your take home pay is only 2600 (after taxes, but I don't know what your salary is) are you sure you can afford that mortgage?