Buy a GTR or a House?

pedZ · 09-10-2011, 09:56 PM

Quote:

Originally Posted by m4a1mustang

I say wait until you have a years worth of essential living expenses saved. So enough to cover 12 months worth of rent, car payment, insurance, food expense, and other necessities.

6 months is the minimum recommended safety net, but in this environment 12 months gives you more of a buffer.

In your case, just focus on saving for a down payment since your parents have the other expenses covered.

Plus I don't think you'll be able to get a home loan with just 3 months on the job. Home loan requirements are pretty strict now. Just save up your money for now.

b1adesofcha0s · 09-10-2011, 09:59 PM

Quote:

Originally Posted by pedelg24

Plus I don't think you'll be able to get a home loan with just 3 months on the job. Home loan requirements are pretty strict now. Just save up your money for now.

Yeah that's the plan for me at least. My family was actually trying to buy a house last summer, but the loan was rejected a month before we were supposed to move in. This was a brand new house that we saw get built throughout the whole process. The reason we didn't get the loan was because the combined salary was too low. The loan we get in the future would have me and both my parents on it. They have the credit history and with my added salary we should be ok.

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