Mortgage for a teacher and cop?

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My friend and I want to buy a house together in about five months. Both of us are in transition to a new career, I’m looking forward to it and enter the police academy on teachers. None of us own a home. We will also have 10k for a deposit. We both have excellent credit, but I have about 20k in student loans. Based on this information, what is the maximum we could borrow his. Oh, and we want to buy in Maryland 150k $ 180k-$ , you can not even buy a trailer in South Africa so far?

1 Comment
  1. Reply
    jack99skellington
    April 30, 2011 at 12:44 am

    With a 10K down payment, you will be looking at a normal loan of 40K (20% + 80%).

    If you do a 90/10, then you are looking at a 90K loan. If you have good credit, and you find a willing lender, you may be able to get a 95/5 loan, or even a 100% loan if it is your first time house. If then, your maximum is likely around 150 – 180K.

    Good luck.

    edit: Sorry, but you’re going in with two low-paying jobs, some debt, and almost NO down payment. And yes, you can buy something for that, just not your dream house.

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