All Forum Posts by: Cody Lown

Sondra,

wow thanks for the expert advice and tips. When I get a chance, I will send you a message.
Thanks for all the tips and advice from all posters. This has been really helpful and only strengthens my desire to learn more.

Cody

Jim,

I agree with you on college being a relative waste of money. The only way I am going to pursue a masters is if it is fully funded (tuition+living stipend). A liberal arts masters degree is important to me but would not pay off when it would cost $50,000 and I would lose 2 years of earnings.

I will check my credit and search around for some other options. Right now, co-borrowing looks like it fits, but I will continue to look.

The co-borrower would be signing to co-borrow on a house that I would be living in.
Yes, I do work. I work 18-25 hours a week and have been for 2 years or so now. I also pay rent and have had my name on a lease for about 2 years.
The teaching position with Teach for America would be a 2 year commitment directly after graduating. I will look into it, but I'm not sure what benefits I would qualify for this way. Definitely something to look into though.
Ideally, I would be able to live in the home for 2 years while doing TFA and then for 2 more years while I pursue a masters.
It sounds like co-borrowing is still common. I hadn't heard anything about it lately. Thanks for the advice.

Cody

As stated in my introduction post, I am 20 years old. I am about a year away from my undergrad. So, after graduating, I will either be in grad school or have a job somewhere not in my current location and likely not current state. Is co-borrowing common in today's climate? I don't have much credit and highly doubt I could qualify for a loan on my own. I will likely be in a college town in the Midwest (East Lansing, MI, Bloomington, IN, Urbana, IL etc). So, my parents have agreed to co-borrow if it would help me. From my understanding, after a year or so, if proof is shown that I was the one paying the mortgage, I would be awarded the full mortgage. If that isn't so, let me know. But, after this long post, I basically want to know if my parents co-borrowing will help me and if it is common today?
I will be looking to purchase in 10-12 months.

I'm new to the site and I think this is exactly what I need to help me get where I want to be. I'm 20, have one more year left in my bachelors. After that, it's most likely grad school or possibly Teach for America (fingers crossed), but I haven't ruled out finding a job just yet. I am currently in Kansas, rock chalk!, but for grad school/TFA/job, I am willing to and expect to relocate. No matter what I am doing, I am anxious and would like to make my first purchase around when I graduate next May. I plan to use this site to help me decide what is realistic, what is possible and the best way for me to reach my goals. I'm looking forward to getting to know and learning from many people on BP.

Cody