House buying conondrum

[Anonymous]

I currently am trying to buy a home at 380k. I make 96k a year but have 100k in lawschool debt. I owe nothing in credit cards and about 26k for an auto loan. I have about 55k to put towards closing and a down payment. I was told today that I only qualify for an FHA loan up to 260k as my dti is over 36%. I really want to go conventional even if only at 5% and I want to qualify for more as I saw a house that I love. Is is more prudent for me to take 26k of the 55k and pay off my car loan and hope I can get to conventional where I only need about 20-25k down. Will this even help me? I'm stuck.

[Anonymous]

I think you're stuck any way you go because your DTI is so high. You're close though. I did conventional and they were strict about my DTI also.

[Anonymous]

Anonymous wrote:I think you're stuck any way you go because your DTI is so high. You're close though. I did conventional and they were strict about my DTI also.

Op here, can you shed light on being close? Thanks for your input

[Anonymous]

Sounds like you need money management. That is not a lot of income for that house with that small downpayment a large car note and student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think you're stuck any way you go because your DTI is so high. You're close though. I did conventional and they were strict about my DTI also.

Op here, can you shed light on being close? Thanks for your input

31% seems to be the number they want, although it can vary by lender. You're close in that if you save for another year, I bet you'd have enough. http://www.fhahandbook.com/debt-ratios.php

Another thing to think about- you're a single borrower. Do you want a huge mortgage for your income? What if you lose your job? It is a bit riskier to be a single borrower.

[Anonymous]

What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.

[Anonymous]

Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.

Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you're stuck any way you go because your DTI is so high. You're close though. I did conventional and they were strict about my DTI also.

Op here, can you shed light on being close? Thanks for your input

31% seems to be the number they want, although it can vary by lender. You're close in that if you save for another year, I bet you'd have enough. http://www.fhahandbook.com/debt-ratios.php

Another thing to think about- you're a single borrower. Do you want a huge mortgage for your income? What if you lose your job? It is a bit riskier to be a single borrower.

Thanks. I currently qualify for the max that FHA will give. I'm mostly concerned with going conventional. This is true about being single.

[Anonymous]

Anonymous wrote:Sounds like you need money management. That is not a lot of income for that house with that small downpayment a large car note and student loans.

55k is round about 15% of 380k

[Anonymous]

Anonymous wrote:

Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.

Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.

No, it's not feasible. And your sense of entitlement isn't helping you, either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sounds like you need money management. That is not a lot of income for that house with that small downpayment a large car note and student loans.

55k is round about 15% of 380k

And what about repairs, furniture, etc. It made no sense on her income to buy that expensive of a car with that high loans.

[Anonymous]

Anonymous wrote:Sounds like you need money management. That is not a lot of income for that house with that small downpayment a large car note and student loans.

Yeah I used to make $100k, and had no school debt, but about the same in car debt. I bought a house for a bit under $400k, and it was TIGHT. Just keep saving.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.

Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.

Bs in cars are expensive. New 2017 Corolla is $17k msrp which is up $2k from 10 years ago.
I am sorry your car got totaled, that must have been hard. It's not feasible with the current financial situation. Buckle down and save some more or look for a cheaper house. Don't forget to count about %10 for maintenance costs, not to mention higher utility bills and furniture etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.

Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.

No, it's not feasible. And your sense of entitlement isn't helping you, either.

Op here, gosh. There is no sense of entitlement. I have worked for everything I have. There's a way to address people, take note on the posters below you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sounds like you need money management. That is not a lot of income for that house with that small downpayment a large car note and student loans.

Yeah I used to make $100k, and had no school debt, but about the same in car debt. I bought a house for a bit under $400k, and it was TIGHT. Just keep saving.

Thanks for your input