If I make 350k a year. 125k in student loans. How much will the bank give me for a home loan. ?I have no collateral and really no down payment other than the 20k I have saved should I just put that 20k on my student loans?. My credit score is a 680. I have a car loan for 105k. Please serious answers. |
Agree w/poster above. Get rid of your most expensive loans FIRST! maybe the credit card? then downsize your car....Living large is nice but your debts need to be eliminated quickly due to the looming Economic disaster brought down on us by 29 yrs of Reaganomics. I suspect you have a heavy Note pmnt on that car, and that cash would be better allocated to reducing your credit card quickly.
What are you employed at BTW? and r u married? (JK)
Rod is correct: I used to Review the appraisal in Loan Files for upper Income folks seeking Mtg's thru Shearson Lehman back in the day. One MD startled me cuz they drove a small subaru wagon and another non descript car, BUT they lived in a soCal coastal city with a WHITE WATER* view....In short, they were house rich but they kept their public profile very low.
If your student loan Interest rate is rasonable you're better of knocking down the credit card first!
* waves crashing on your back yard deck
Are these numbers in US dollars? The numbers seem rather high.
But it seems like your debt / income ratio is (105+125)/350 = about 2/3. That seems to be too high to take on a mortgage in these times. If you could sell the car and get a cheap one, that would improve your situation markedly. And if you aggressively pay off your student loans, you might be able to get rid of half of them in a year. Then you'll be in good shape to consider a house. The credit score seems low for someone with your income. Did you have problems previously?
Edit: okay, two doctors, that kind of makes sense. I'm sure you two have a good understanding of what your actual take-home pay is, after paying insurance, your med school loans, and other costs. Even with such an income, it's important to keep your saving in balance. It seems impudent of me, as I make less than you, but I'd suggest trying to get to the point where you pay off the credit card every month, and carry no balance. By the way, I see lots of young doctors driving Toyota Corollas. Nothing wrong with that.
You have $105K car loan?????
You have $125K student loan???
Seriously, why do you need a home loan if hubby owns a house outright??
How much more debt do you need???/
Wow....I guess I should have been anesthesiologist...dang!
