Elicit

I am getting serious about buying a house and could use some help with a few qestions/comments.?

October 4th, 2009 | by admin |

Any help anyone can give me would be excellent. thanks in advance

I’m a 20 year old college student (going to school locally) looking to buy a house. I make just under $40,000/year working while going to school. My parents are asking me to move out, which i’m ok with. I figure my best move would be to by a house, as the housing market is down. I have $10,000 to my name right now

I pay $13,000 a year in schooling out of pocket, no loans. I’m looking at a townhouse

http://www.weichert.com/search/realestate/PropertyListing.aspx?P=20591942&cityid=27943&mls=45%2c74&ptypeid=28%2c21%2c4%2c22&minpr=1&maxpr=200&minbr=3&pg=9

If you have a chance, please follow that link. $144,900 is the current price. It says $904/mo. Is there likely a down payment as well? Or does just the payment sound right?

I plan on having some people live in the place with me, paying $300-$350/mo each. I plan on spending $5,000 on TV’s, furniture, kitchenware, etc.

What am I looking at monthly for heat/electric? The local rate here is $130 for internet/cable/phone. What other expenses would I be looking at?

What is some advice you would give me as I try to figure this all out?

Thanks again!
after 8 months, I have a credit score of 711. Will this help me with a loan? or am I looking at a tough time getting a loan. If my father co-signs, will this help? He makes a good amount of money and has great credit, but would like to stay away from him co-signing if possible

Hi, hear is some advice. Put a profit and loss statement together for the townhouse. The reason I say that is that you are planning on having roommates and your bottom line cost is dependent on several things. The place you are buying looks nice. Other costs are real estate taxes, monthly/annual homeowner costs for the townhouse, upkeep on the townhouse. The 904/mo. is just an estimate of a mortage loan payment so don’t hang your hat on that. You will have a difficult time getting a loan at your age because you will have a lack of credit history. It is a risk to you to buy a townhouse, but, you are correct in that this might be a good time to buy one in Lancaster, PA. It is a beautiful town.