With a credit score avg of 760, salary of slightly over 40k, and 225 in monthly student loan payments am I stupid to want to see if I can get preapproved for $200k loan? If I go this way I'd be looking at a condo from 175 & up.
A newly constructed condo with 3 bedrooms and 2.5 baths, and potential to make an in-law apartment out of the bedroom and family room in the basement, has an asking price of 200k. In this area, this is somewhat cheap and housing prices will almost certainly not drop like they are in the rest of the country. There is a huge housing shortage around here and tens of thousands of more jobs being created within 5 years in a small metro.
I am leaning towards buying that condo or something similar. Between the $160 condo fees, the mill rate of 28, insruance, pmi, and utilities I will have just enough money to buy a happy meal for lunch every day. I plan on renting out the extra rooms. What does everyone think of this? Would I be expectedd to report the income?