DaemonTargaryen2024 t1_iudkgf2 wrote on October 30, 2022 at 2:58 PM

Can you afford the house on your current $26k annual income?

eaturveggis t1_iudkoaw wrote on October 30, 2022 at 2:59 PM

I've put my information into multiple mortgage calculators, and if I can get a cheaper one I definitely can. The thing is when I graduate I plan on going full time at my current job, so I'll be making more as well.

t-poke t1_iudl9jp wrote on October 30, 2022 at 3:03 PM

Don’t make long term financial decisions based on future plans. Things change.

DaemonTargaryen2024 t1_iudlbm7 wrote on October 30, 2022 at 3:04 PM

I’m assuming you are not approved for a mortgage on your own which is why you’re asking about your dad as co-signer.

I would take this as an indicator that you’re not in a position to buy a house yet. Wait until you’re out of school, you don’t know you have the higher income yet.

deisle t1_iudl9pa wrote on October 30, 2022 at 3:03 PM

Make sure you include property taxes and insurance in those calculations plus extra left over to save for when things break. What kind of down-payment will you make? How much in savings will you have earmarked for fixes (which should also be separate from your emergency fund)

Varnigma t1_iudsucy wrote on October 30, 2022 at 3:57 PM

Honestly? Don’t buy a house until you’re done with school and have stayed at the same job for a year or two.