Will I get approved for a mortgage loan?
I’m thinking about purchasing my first home. I’m unsure of new mortgage requirements, so I just wanted to give a little background about myself and hopefully someone can give me guidance:
I’m 24 years old – I live in NYC and since real estate is so expensive here, I was considering in scooping up a cheap property in south florida as a vacation home
I make approx 70k per year gross. 40k student loan debt, 1k credit card debt and 15k savings. My rent is approx 1k per month.
I’ve been looking online at condos in florida from 50-100k. What do you think? I know 10% downpayment used to be standard, but I’ve heard 20% being thrown around as a figure (maybe this is just nyc).
also if anyone has any experience with the south florida market (has it bottomed out yet?) please share!! thanks.