applesbananas

Congrats! I am applying for Fall 2018. Any application advice? I have a few retakes and a GPA that's a bit below what I've seen as "competitive". I'm so afraid of not having a shot at getting in!

That's very doable. What was the price of the home itself? If you don't mind me asking.

I don't want a huge home, maybe a 3 or 4 bedroom. But I do want a newer modeled home and I assumed they would cost more but I was overpricing and calculating wrong. Now that I've narrowed my price range to a realistic one, I found some homes online that suite the image I had in mind. Although by the time i finish school those exact homes won't be for sale anymore but i have an idea of the type of homes that may be available and how to find them when I have my job as a nurse. I just needed a little direction and this board has been more then helpful! Thanks to everyone!

I may do that. But the university I'm attending is also a hospital (University of Alabama at Birmingham-UAB) IF I can get hired there, they will pay for my schooling. Nothing's set in stone right now so everything may work out, besides the 500k house lol I now know to settle for less.

I have childcare covered and my husband is doing the job that he loves right now, I encourage him to do what he loves to do regardless of pay. I don't want him to go to a job where he's unhappy everyday to get paid more, it won't be worth it. I just had no clue on how Homebuying worked and I know I can't get a house fresh out of college. I know I will have to work for a few years before applying for a mortgage. But I calculated an unrealistic financial budget to buy a home simply because I didn't know about all the extras that I'm being informed of by other posters. I believe as long as I take these posters Homebuying advice, our finances will be fine.

I pay my mother in law to take care of our kids and that's very true, the economy may be very different 4 years from now and my husband recently became a self contractor at a company so his pay is sure to increase. And I knew I couldn't get a loan fresh out of college, I would have to work a few years before applying for a loan. Plus I plan to go back to school after a couple years of working as a nurse to become a Nurse Practitioner. When it comes to regular everyday finances, I have that pretty well established, I just didn't know how home buying and mortgages worked so I calculated an unrealistic financial estimate for a house. Besides my ignorance on home buying, we'll be fine financially.

What exactly is ARM and why would you have to get one? If it changes my interest rate then I would surely do my best to stay away from it.

I understand completely! That's why I opened this topic and everyone's advice is more then appreciated! You all are giving me a perspective I didn't consider and I will look into a first time homebuyers course! There is much I need to learn!

I agree!

Ok. See I was confused because I took $500,000 divided by 360 months (that's how many months are in 30 years) and got about $1300 a month and by the nurse salary on indeed.com (which I now know is inaccurate) I would have been making that much per week, plus my husbands income, so I believed it was somehow doable. BUT I know nothing about home buying and wasn't sure about the nurses salary so I knew my numbers could possibly be way off. Thanks for the accurate information!

Thank you for the advice. This is apart of my research actually. I believe from doing my own online searching i was receiving a lot of over the top and unrealistic answers of salary and home pricing and wasn't looking in the right places because I don't really know where to look. In no means do I want to get in over my head, that's why I wanted to know somewhat where I would stand financially as a nurse and after answers from you knowledgable people, I know a $400,000 house would be over my head.

Thank you for giving me a realistic financial frame! Maybe after becoming a nurse and talking to realtors, I'll find an affordable cheaper house that comes close to the style of house I'm looking for (A house built in 2004 sounds perfect). I really didn't know in any means how much I would be able to afford as a nurse and that helped a lot! Thank you!

Very true. A lot of the homes in Alabama, although big, are the older style houses, like Antebellums, which their gorgeous homes but not my taste. So a good 4 br 2 bath, new styled, brick house like I would like, from what I've seen browsing around, are $400,000 to $500,000. Sometimes less! And sometimes more.

Thank you! I didn't think about that. I live in Alabama. A RNs salary in alabama is estimated to be about 67,000 a year plus my husbands income of just 25,000 a year

I start school for my BSN in the Summer of 2015 after I have my second child. I'm not picking nursing for the salary, I've always had a passion for nurses and what they do and couldn't see myself doing anything else with my life! BUT I'm a planner, dreamer, and have big goals and like to know what I'll be able to expect after I become a nurse. So is it any way possible to have a $400,000, maybe even $500,000 home on a nurses salary? I want a new styled home that I'll be happy to live many many years in so I don't mind it being one of my biggest investments and I don't want to wait late in life for it since my kids will already be growing older by the time I start house searching! So having my house (and student loans) as one of my first financial priorities (we don't need brand new expensive cars) would I be able to afford to pay a $500,000 30 year mortgage?