Creative Financing
Hey Guys,
I am graduating college in May and I am taking a job in Boston. I live in NY now so I will need to live somewhere in Boston. So I thought to myself, why rent when I can own? I am looking for some one to give me some pointers on how to swing some creative financing to buy a condo/co-op. here is my situation:
Age 21
fico score about 550
3 years of credit history from credit cards.
25k student loan debt, 50% fixed at 3.5% (gotta love government loans)
2k low interest credit card debt.
2002 Gross income 25k
2003 projected to be 15-20k.
20K cash to put down.
Anticipated annual income when I take my job: 40k/year
What are some of the creative financing techniques i can use? I see some 1 br condos and co-ops in boston for 150-250k that i wouldn't mind living in. Is this realistic? Any one know the boston area and can give me an idea of whether i should look to buy a condo or rent. I will be working in the financial district, won't have a car, and would like to be within 45 minutes commute of work.
Any help would be appreciated, I am sorry if this is off topic, but i didn't see a board appropriate for this question.
--
Doob
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