[medicalfox]

My depression gets worse in the winter and it doesn't do well at my current home. Most of you know it's not so great and it triggers me a lot. My boyfriend wants to see me do better and is telling me we could afford a cheap condo, but I know nothing about housing.

I have a lot of questions about housing. Is it easy for a 22 year old to get a house condo loan? I already have a car loan and I owe a few thousand on it. The condo cost 56k and is in a great neighborhood, but idk who I would ask these questions to. Would I have to talk to my bank about it? Any info would be great and I'm trying to be level headed since I don't want mania knocking on my door.

[BlueInanna]

You could rent the condo. If you buy, you need a down payment & good credit & a bank loan. Or one of those "first time home buyer" low down payment deals.

[medicalfox]

Originally Posted by BlueInanna

You could rent the condo. If you buy, you need a down payment & good credit & a bank loan. Or one of those "first time home buyer" low down payment deals.

I was thinking of renting too, but it appears it would cost the same since it's a rather cheap home (but nice). The last thing you said seems promising and I will ask my bank some questions

[cocoabeans]

56k? Whoa cheap, where do you live?

While renting and owning may cost the same, or with something that cheap, renting may cost more than your monthly mortgage payment - you've got to think about other things.

Are you stable in your job or do you feel like you may want to up and quit in the next couple of years, maybe move to another city, or part of town. What are the condo fees going to be? How stable is their reserve fund? If the condo needs major repairs, are you covered or are you going to end up paying a lot more? Taxes? The resale value? I doubt you really want to live there indefinitely.

Can you hear your neighbors? Cause that's really annoying and more so I'd think if you actually own the place. What's the pet policy like? Yes, condos have pet policies.

And the boyfriend issue? What if that doesn't work out? Will you be able to manage the costs without him?

Your mortgage - look at interest rates, pre-payment options and skip payment options should you need that, processing fees, how flexible the payments and frequency is, maybe you'll want insurance, what's their customer service like?

[Victoria'smom]

Hud has a house buying program so does habitat for humanity both are income based and on 15-30 year morgages. Honestly at least for a year I'd find a am studio to save for your down payment. Currently your not doing well and even you say you do worse in the winter. It also gives you time to find the perfect condo.

[BlueInanna]

But a new place to live does sound like it would help you. I think your bf is right, this basement living / room mate probs have been making things more stressful for you. I so hope you 2 can find somewhere nicer soon.