Re: [kcollier] leasing stuff
don't forget the following:
property taxes, escrow, home owner's insurance, utilities, maintenance, closing costs... all those things add up at the end of every month / end of the sale. plus 3% is a low down payment, look to put down 10-20% if you can. makes you a stronger candidate for mortgage
Plus, when they look at your credit, they will look at your verifiable income and debt-to-income ratio. So if you're counting on erica's salary to help, you've got to demonstrate her income as part of yours somehow, or list her as a tennant. advice is to build credit any way you can... get a credit card, buy shit with it and pay off at the end of each month. make sure your phone bills and utilities are all paid on time, make sure you have no financial judgements on your record, get a credit report. you may be surprised with the outcome. I qualified for a 240k mortgage when my salary was $55k / year, but that was pushing it on debt-income, and my broker did me a favor.
just advice from someone who's been through it.