Yuku free message boards

Before you even continue to play with the idea, go to a bank, sit down with a loan agent, and see what your price range is. If you are going to be using your parents money, you may want to think about co-signing with them. If you are going alone, you need to be careful about how much money comes from other sources, as certain loans have requirements about what % of money is from the person responsible for the loan. The bank can't guarantee that your parents will give you $800 a month, but they can guarantee that so long as you stay employed, you will bring home a certain amount of money.

To get approved on an apartment lease, you typically have to prove that you make 3x rent/month, unless you have co-signers, or you pay first and last months rent. The same kind of logic applies to a home loan. They aren't going to set up you up with a mortgage payment that isn't commensurate to your income. You have to make enough money to be able to afford a payment.

It is a novel idea, but you have to remember that you might not even be in the financial position to go in alone on something like this. I know that you have financial backing from your parents, but to get approved for a loan, you typically have to document what money you have and where it came from. You also have to have the cash flow (on your own means) to be able to afford the monthly payment. What kind of loan are you going to do? Conventional or FHA? What is your down payment? Are you going to throw the 25k down and have no reserves? How are you going to manage maintenance costs?

All that said, It isn't a bad idea. You can build equity in a property, and you're right, you wouldn't be throwing money away each month on rent. An easy way around maintenance is to get a home warranty, but these aren't always reliable, and cost upward of $400/year.

But as everyone else has said, you make minimum wage. They are going to want to know your gross monthly income, and whatever minimum wage is, it isn't amounting to a lot in a year. What is it, 15k a year? You typically want to shoot for a mortgage payment that is 1/4 of your income (or less).