Roommate(and close friend) and I got an opportunity to buy the condo we're renting. We'd talked about maybe buying it in a year or two and really love our place but we both graduated and started working in June/July.

Condo: 350k
Salaries: 90-100k for both of us
$1500/mo in rent each

Savings: $12k/$1k (covers 3.5% FHA)
Sister offered $8k loan for closing expenses

Debts:45k/25k After all expenses, debt payment, savings I usually have $1k/mo to spend - not sure on him

Can we do it?

Posting as :
works at
You are currently posting as works at

Lenders usually like to know you've been employed and have a stable job. I see getting approved being your only barrier.

At $3,000k a month in rent you would be able to afford the mortgage, taxes, and insurance over a 30 year term. Please get a good lawyer and define ownership and maintenance responsibilities. I'd imagine your monthly mortgage to be around $2500-$3000 a month including taxes, interest, insurance, HOA.

Even if you're living there, make sure to have a proper inspection done :)

upliftingsmart

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