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Personal Finances / Buying or Selling a Home
|Subject: When can I qualify for a loan?||Date: 4/22/2013 10:28 PM|
|Author: EvanED||Number: 125099 of 127673|
So I'm tired of living in apartments and want a house. The following describes my situation; when am I likely to be able to qualify for a loan?
- I plan to graduate grad school with a PhD in August or so, and begin a new job soon after
- The job I'm taking is located in the same location as my university, and the company has strong ties to my research group
- As a grad student I've been making a little shy of $30K/year, but my new job will pay $110K; my 2013 taxable income is likely to be around $65K
- I am single with no dependents and no debt besides a couple credit cards I pay off in full; to the best of my knowledge, my credit score dances around 760
- I estimate I can have about $25K available for a down payment by the end of the year
- I would probably be looking at houses that are in a $130-170K range. [Using "how much house can you afford" calculators, too expensive to afford based on my grad student income, but cheap enough to afford even if I used my partial-grad-student/partial-real-job income for 2013]
I'm guessing that banks wouldn't be satisfied me coming to them in October or November and would want me employed longer, but when could I reasonably expect one to play ball? Could I qualify early next year, after doing 2013 taxes?
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