My fiancee and I have about $77,000 saved up. We work part-time and go to school part-time. I also have some side-businesses that generate income online. Combined we bring home at least $2,500/mo.
We're moving to another city this Summer to transfer to a new university in the Fall and finish our Computer Science degrees. By the time we move, we'll have around $80,000+ saved up.
We both have excellent credit, 780+ scores. I'm 27 and she's 25.
Instead of renting like we do now, we're thinking of buying a condo or possibly a house in the new city. Based on what we see, there are some good opportunities between $80,000-$90,000 for a house. If we move in, we'd rent out one or two of the bedrooms at a rate of around $450/mo each, which would effectively cover the mortgage.
After we move, we'll be more focused on school and our monthly income will drop to around $1,300 or so, not including the income from renting our spare rooms. Besides the mortgage (which renters would cover), our monthly expenses would be no more than $2,000/mo total (this includes paying for school). That's using very conservative estimates in our budget. It would likely be less than that.
We'd put down a 20% payment for the house. My question is, do you think banks will be nervous to lend to us because our income will drop so much?
We're going to talk to someone soon about pre-qualifying/approving for a mortgage and see what the banks think of us. Just wanted to ask this great community if they have any advice!