First job and owning a home? Help!
My fiancee and I are looking to purchase a home but I have no idea if we will be able to qualify for a mortgage. My soon to be wife is a social worker and I just signed my first teaching contract (I am only 23).
Her annual pay(Gross): $27,452 (been working 1+ year)
My annual pay(Gross): $30,194 (contract begins July 1)
The home we are looking at is asking $214,000 (we live in a high priced housing market) and this house is below the median selling price for a home (excluding trailers/mobile homes)
We have enough money for a 20% down payment plus closing costs (through family gifts from earlier years)
The only liabilities we have is a $310/mo car payment and $100 /mo in student loans.
We are currently paying $930 /month to RENT
Will we be able to qualify for a mortgage? I know they usually say you have to be "stable" in a job for 2 years which I am clearly not. So should we even bother continue looking? Is it possible for a new teacher to get a mortgage?
Any insights?
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