PeachParts Mercedes-Benz Forum - Why apartments aren't meant as stables.

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Quote:

Originally Posted by ichris93 (Post 3255409)

I guess your right, if I choose that I could choose to buy a house.

But I made a different choice. Some of you might have guessed, but I have never stated this. I was born in 1993 hence ichris93 so this puts me in the 19-20 age range. My birthday is next week so I am 19 for this week. My choice was college. I go to the University of South Florida and I am majoring in electrical engineering. I have enough scholarships to cover 15 credit hours a semester at a cost to $0 to me. However, I usually take 17-18 which costs me about $300 a semseter. I also work in a research lab which keeps, so those two things keep me pretty busy.

I do agree with you, no car payments. I own both of my 1980s benzs and paid cash for them. I also have two mutual funds, one is a Roth IRA for retirement and one is for a down payment on a home once I graduate and find where I will be working.

I do like the military option, but I don't think that was the best one for me.

Seems like you're making the right decisions, if you ask me. The fact that you already have plans for saving retirement money seems like you're thinking ahead - way ahead - than most folks your age would do.

Advanced happy birthday to you!

A few years ago, you could get a loan for anything just by walking into a bank and asking the question. Since the mortgage fraud and bailout, things are much more difficult. There are no co-signers to help you anymore. My fiance and I went to Wells Fargo; which I have a rather large sum of money with and talked to a mortgage broker. He told us that they will take the lowest qualified credit score and income of anyone on the mortgage and use that as the qualification. She makes too little money and my credit is screwed. I would have no problem by myself but WF sells mortgages to Freddie and Fannie and they will not take a loan that does not meet resale requirements. One of the requirements is not to have any late mortgage payments in the past 12 months. That and the fact she does not make enough money disqualifies us from even beginning the mortgage application. I could have an 850 credit score and not be able to get a mortgage with my current late payments on my history. My credit actually went up about 130 point recently for not logical reason but I still have a late mortgage, so I can't get a conventional or security-backed loan.

Quote:

Originally Posted by Diesel911 (Post 3256120)

What you are focusing on is Good.
It also sounds like you will have your House if you want one.

There is no sure things in life but what you decide to spend you income on is extremely important.

For the average wage earner they can have fashionable clothing, a New Car, eat out, and the latest Electronic gadgets and rent or they can do without a lot of that and have a chance at owning a House.

The other issue is Children. Have a bunch of Kids before or just after you get out of High School and unless you function on only a few hours of sleep you are likely not even making it to College.

Thank you. The plan is to have a house once I find the city I will settle in.

I don't need the latest fashion, a new car, to eat out, but I do like electronic gadgets hence electrical engineering. ;)

Career first, kids later, maybe.

Quote:

Originally Posted by MBeige (Post 3256254)

Thank you for both the comment and birthday wish! It's Christmas Eve!