Major Life Update!

"I like cars: Jim Spanfeller is one ugly motherfucker" (qaaaaa) 09/25/2018 at 12:53 • Filed to: None

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I got a big boy job! When I graduate in May with my BS in Electrical Engineering, I’ll be starting what seems to be my dream job.

Which means I need to start house shopping. And find a real car (Corolla hatch with a stick is looking promising). Oh, also my Golf broke again, and I had to take it to a shop because the last time I tried to work on a car on campus, campus police made me stop because it’s a liability if I drop a car on myself in their parking lot.

So, I’m looking for a house with a garage in the Dayton, Ohio area in the sub-85k range. Garage is a necessity because as soon as I have a real car, I’m going to start doing... things... to my Mk3.

Chariotoflove > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:05

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I’ve never seen someone so enthusiastic to start adulting. I hope it sticks.*

Congrats.

*by which I mean, I hope you enjoy it as much as time wears on.

CaptDale - is secretly British > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:06

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Co ngrats

TheRealBicycleBuck > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:08

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Congratulations. Now, before we get to house-sho pping , let’s talk about tha t 20% down you’re going to need....

Dr. Zoidberg - RIP Oppo > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:10

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Noice

Dr. Zoidberg - RIP Oppo > Chariotoflove 09/25/2018 at 13:12

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If he’s really getting a car and house right out of college, you cannot adulting any more efficiently than that.

Highlander-Datsuns are Forever > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:14

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Adulting sounds great but is not as glamorous in real life. I think some of my happiest times where when I had no money and no obligations.

CompactLuxuryFan > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:14

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Congrats! Don’t worry about rushing into a car *and* house payment yet, though!

Chariotoflove > Dr. Zoidberg - RIP Oppo 09/25/2018 at 13:14

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They grow up so fast these days.  

I like cars: Jim Spanfeller is one ugly motherfucker > Chariotoflove 09/25/2018 at 13:18

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I've been completely financially independent since I was 19. I've been a part time adult since then. Pretty much the only change is going from student to workforce member, which isn't a huge leap from interning full time the last three summers. Adulting is more rewarding than being a youth. 

MasterMario - Keeper of the V8s > Chariotoflove 09/25/2018 at 13:18

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Eh...I worked my ass off in college between working part time and getting an engineering degree and am definitely enjoying adulthood more than I did college. While I wish my wife would be more content with a “simpler” life sometimes I still prefer this over the grind that was college.

Dr. Zoidberg - RIP Oppo > Chariotoflove 09/25/2018 at 13:18

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Yeah my order was pretty goofy.
- graduate
- marriage
- decent but still old car
- starter house
- career-ish in something that has nothing to do with my degree
- 15 year old Lexus
- house my wife likes

Textured Soy Protein > TheRealBicycleBuck 09/25/2018 at 13:19

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Well hey if it’s a 5-figure price on the house, it’s not like paying a little PMI or taking a bridge loan to cover the gap is going to be expensive.

Chariotoflove > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:22

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That’s a good way to look at it.  I was referencing the tendency of most college-age people to hold on to youth and avoid growing up as long as possible.  A few generations ago, people started adult life at 18, got a job, got married.  That got replaced by people taking more time to find themselves.  30 became the new 20, 40 became the new 30, and so on.  You’re ahead of the curve.  It may serve you well by helping you not waste time.

TheRealBicycleBuck > Textured Soy Protein 09/25/2018 at 13:22

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There are methods for first-time buyers, but he may have trouble qualifying with just a few months on his first job.

I like cars: Jim Spanfeller is one ugly motherfucker > Chariotoflove 09/25/2018 at 13:24

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Yeah. As much as I’d like to take a year off and backpack in Nicaragua and get a degree in Life, there are... significant monetary concerns with that, and I don't want to have to rely on parents to help me there. 

Textured Soy Protein > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:25

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Damn, that’s some cheap-ass real estate. The cheapest SFH with a garage listed in my particular corner of the DC suburbs is $465k , and it’s in a mediocre neighborhood. 

Chariotoflove > MasterMario - Keeper of the V8s 09/25/2018 at 13:25

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I definitely enjoyed what came after more than college.  I kinda wish I had stopped and looked around to enjoy school more.  I was always looking ahead, and didn’t stop to enjoy where I was.

The Dummy Gummy > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:25

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Congrats on landing the job!

Chariotoflove > Dr. Zoidberg - RIP Oppo 09/25/2018 at 13:27

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The best laid plans...

I like cars: Jim Spanfeller is one ugly motherfucker > Textured Soy Protein 09/25/2018 at 13:27

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Right, the reason the cost of living is so cheap here is because... I mean, it's Dayton. 

I like cars: Jim Spanfeller is one ugly motherfucker > The Dummy Gummy 09/25/2018 at 13:27

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Thanks!

MasterMario - Keeper of the V8s > Chariotoflove 09/25/2018 at 13:28

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That’s pretty much how I feel too. My parents gave me some money for college, but I had to pay for the rest, so I worked my butt off to make sure I graduated in 4 years with as little debt as possible.

Chariotoflove > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:29

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I hear ya. I was blest enough to have parents who paid for my education so I wouldn’t have student loans, but it made me even more want to not sponge off them if I possibly could.

Chariotoflove > MasterMario - Keeper of the V8s 09/25/2018 at 13:30

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I was blest to have no debt, no loans.  Which was important because the loan rates were pretty high at the time.

I like cars: Jim Spanfeller is one ugly motherfucker > TheRealBicycleBuck 09/25/2018 at 13:34

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More than likely I'll rent and save money for a while and learn the market better. 

Chan - Mid-engine with cabin fever > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:35

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Congrats! So, once the bank starts rolling in, how many CEL codes cleared per month?

I like cars: Jim Spanfeller is one ugly motherfucker > Chan - Mid-engine with cabin fever 09/25/2018 at 13:39

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0, I'm going to get a new non-POS (lovable POS, but still a POS) car as soon as I can afford it. 

TheRealBicycleBuck > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:45

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That’s the smart thing to do. If I’d have had more time to shop when I purchased my current house, I’m pretty sure I would have picked a different location and had a house built to fit our needs. Instead, we ended up in a house that sort of works , but is missing some key features and doesn’t have a layout that we like.

Smallbear wants a modern Syclone, local Maple Leafs spammer > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:46

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So, I’m looking for a house with a garage

!!! UNKNOWN CONTENT TYPE !!!

sub-85k range

Fuck you.

- Every Toronto resident

Smallbear wants a modern Syclone, local Maple Leafs spammer > TheRealBicycleBuck 09/25/2018 at 13:48

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$17k. That’s more than doable.

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:53

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So what’s your dream job?  And why didn’t you call me?

ttyymmnn > TheRealBicycleBuck 09/25/2018 at 13:53

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C’mon, dad.....

Wrong Wheel Drive (41%) > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:55

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Did you say sub 85k?? Man that is insane talk to me haha. I dont think I could do a 10% down payment for less than that in my area! Some day I can get there but paying off student loans, paying off my Subaru, and dealing with all of life’s other expenses will certainly put a d amper on that. As well as funding a wedding in a few years and vacations will probably take priority over getting a house.

cmill189 - sans Volvo > Smallbear wants a modern Syclone, local Maple Leafs spammer 09/25/2018 at 13:57

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That’s cheaper than almost every shitty part of the US. I hate him too. 

Future next gen S2000 owner > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 13:59

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A Toyobaru twin is calling your name.

Chan - Mid-engine with cabin fever > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 14:04

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I agree with your short list.  Would be cool to have the new Corolla HB on Oppo.

ZHP Sparky, the 5th > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 14:26

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Second this. Even if you have been saving diligently and have the money to put down on a down payment, renting for a while can be helpful. It’ll let you save up more and build more employment history – which will hopefully help you get a better interest rate. And on top of that it’ll give you time to learn the market, figure out where exactly you want to live, learn traffic trends wit commuting options. Worst thing to do is jump in to buying a house without knowing much of that and a few months later realize you’re across town from where you actually want to be (and can afford too).

Same goes for your car…if your current one is unreliable it makes sense to switch out for something newer and dependable – but maybe just buy a $10kish car that is lightly used and continue saving? Especially if this job and paycheck is new to you – give yourself some time to get used to it to truly learn how much of that check you get in your hand each month, how much you have to pay for fixed expenses, how much you want to save etc. before you start getting yourself locked in to various payment contracts, be it a car loan or a mortgage.

On top of all that – it’s a pretty special time to be done with school, working a real job, and not have much in terms of things tying you down long term…enjoy the liberation! And congrats!

MrDakka > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 14:32

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*chokes on drink

Still ca n’ t believe you can buy a h ouse for less than the 20% down payment of a 1 bd condo/apt in Irvine.

Really need to find a ME job out of state

TheRealBicycleBuck > Smallbear wants a modern Syclone, local Maple Leafs spammer 09/25/2018 at 14:33

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Well, let’s see. The average student loan debt for 2017 graduates was $39,400, the price of a decent SUV. On a 5-year loan at 4.5% interest, the loan payments are about $735. That takes $8,820 out of his annual salary.

T he average income in Dayton is about $47,000. National average pay fo r new grads is somewhere around $50k. That translates to about $44k for new grads in Dayton. After taxes (at 15%), that leaves him with $37,400 annually, or about $3,100 a month. After his loan payment, he’ll have about $2,365 to spend and save.

Assuming he has no savings, but can put away $500 a month while living on $1,865 a month , it will take about 3 years for him to save up the down payment. Average rent in Dayton is $746/mo, leaving him with $1,115 for utili ti es, insurance, clothes, travel, food and play. That’s not too bad as long as he doesn’t take on a car payment.

Maybe he has money saved up. Maybe his first job offer is much higher. He’s not posting details (understandable), so all we have is speculation.  

But speculation can be a good thing. New grads often have unrealistic expectations on salary, their expenses, and the new things they think they can buy. I know I thought the salary I was making in my first job out of college was awesome. Then I started getting the bills. All of my dreams of a new car went out the window.

Budgets are often a kick in the teeth.

Smallbear wants a modern Syclone, local Maple Leafs spammer > cmill189 - sans Volvo 09/25/2018 at 14:38

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This post made me go check prices again.

Can barely find a total shithole for less than $500k. And finding a shithole that’s less than $500k AND actually in Toronto, instead of the surrounding area? Forget it.

Deal Killer - Powered by Focus > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:01

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Dayton, OH. Even more reasonably priced homes than Toledo!

Smallbear wants a modern Syclone, local Maple Leafs spammer > TheRealBicycleBuck 09/25/2018 at 15:14

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If there are no savings at all, it’s a moot point—can’t possibly buy a house with no down payment.

If there are savings enough to cover the down payment, that income should be enough to cover mortgage payments INSTEAD of rent. A bit of quick digging tells me you’d be dealing with a $500/mo payment... leaving an extra $250 in your pocket each month while having an actual asset to your name at the end of the day. Granted those numbers are from Canada, I have no idea about interest rates/insurance/utilities etc in Dayton.

My view is basically if you can afford the down payment and have the income to cover the ongoing cost, do it. Never mind a new car, get the cheapest piece of reliable transport you can. A house is a significantly more important place to put your money than a car.

In saying all that, I absolutely agree that the income needs to be available before committing to buying a house. On the one hand if it’s half decent the worst that can happen is you have to sell it and go back to renting, but reality is shit happens and unless you can afford to weather an unexpected squall or two you shouldn’t put yourself in that position.

Just from comments from the author though, I’m going to make some surmises of my own. The seem responsible and well grounded. Have been working to put themselves through school. My guess is the student loan debt is going to be on the low side of your number, and once they start their job won’t have trouble hanging onto it. If there is a way to get past the down payment, even if it means asking for a little help from family and friends (again, assuming the income to cover subsequent payments is there), then the monthly payments should be so low I still say go for it, 100%. Full disclosure this is coming from a guy who violently dislikes mooching off anyone, or even asking for anything, ever.

** *I don’t have experience in this, because T.O. real estate prices. I am therefore fully prepared to be wrong. But that’s my $0.02 nevertheless.***

The Dummy Gummy > TheRealBicycleBuck 09/25/2018 at 15:14

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I normally always recommend money down on a house, but interest rates are expected to hike 4-6 (leaning towards 6) more times between now and the end of next year. T hat’s 1.5% higher from now until then. PMI would be a much better short term hit to take than 1.5% over the life of the loan. If he gets a house for $75k, his total cost @4% would be $128,902 (excl PMI). If he waited until end of 2019, his total cost @5.25% would be $149,095. His PMI would likely be around $25-30 a month for 5 years (or until he reaches 20% of his home value); so the $1,800 short term hit vs $20k long term hit is the better deal .

Now that’s not to negate other factors like a possible recession driving down home costs, but interest rate rise is real while recession impacts are hard to gauge.

I like cars: Jim Spanfeller is one ugly motherfucker > Future next gen S2000 owner 09/25/2018 at 15:20

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It's wrong wheel drive though. Torque steer is your friend. 

I like cars: Jim Spanfeller is one ugly motherfucker > Chan - Mid-engine with cabin fever 09/25/2018 at 15:22

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I'm on the lookout for one with a stick in a dealer in my area. I don't know how many dealerships are ordering, though. 

I like cars: Jim Spanfeller is one ugly motherfucker > ZHP Sparky, the 5th 09/25/2018 at 15:24

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Thanks, all great points.

The reason I'm looking at house prices is because between rent and a mortgage, the cheaper of the two is generally mortgage in Dayton. 

Chan - Mid-engine with cabin fever > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:25

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Would you be willing to have the car shipped?  I’m sure dealers have them in inventory somewhere.

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 15:27

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It’s at Wright Pat, just your general run of the mill top secret USAF stuff.

Can I get a recap on the calling you part?

I like cars: Jim Spanfeller is one ugly motherfucker > Chan - Mid-engine with cabin fever 09/25/2018 at 15:29

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If there were one optioned as I like it at a different dealer and I had test drove one with a stick and liked it, sure. But I don't really want to make a major purchase sight unseen. 

ZHP Sparky, the 5th > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:36

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I definitely agree – that holds true in many places (plus a bulk of that mortgage payment goes in to equity, instead of thin air). Just meant you should consider renting for a year max – just so you get settled and know exactly what you want, and where. And also so you’re not in a time crunch needing to have a house bought and ready by X date.

Chan - Mid-engine with cabin fever > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:36

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OK, let me know if you want me to look at any cars here in the Silicon Valley.  I’m sure dealers here should have some manuals.

I like cars: Jim Spanfeller is one ugly motherfucker > ZHP Sparky, the 5th 09/25/2018 at 15:39

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Right. I won't really have the funds upon graduating to make a down payment, so renting is an inevitability for at least a year. 

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:42

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I work in sensors

I like cars: Jim Spanfeller is one ugly motherfucker > cmill189 - sans Volvo 09/25/2018 at 15:42

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“Almost every shitty part of the US”

> Ohio

> Dayton

I do love this city, but Vancouver this is not. 

Future next gen S2000 owner > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:48

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I like cars: Jim Spanfeller is one ugly motherfucker > Future next gen S2000 owner 09/25/2018 at 15:50

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Fun wheel drive ; - )

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 15:52

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At WP? I'm an emag guy

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 15:55

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Yep!  Me too, EW!

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 16:01

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I talked briefly with someone from RYDD and someone from RXAS. I’m pretty sure my resume was floating around for a bit, so someone in EW may have seen it, but I took a position with NASIC.

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 16:03

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Ohh. when you realize how much that sucks, cal l me. well do fun stuff.

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 16:05

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I actually prefer when things suck

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 16:10

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Heh!

Wrong Wheel Drive (41%) > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 16:42

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you done got it backwards

TheRealBicycleBuck > Smallbear wants a modern Syclone, local Maple Leafs spammer 09/25/2018 at 16:43

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I like your $0.02. However, it’s not unusual for people to get 100% financing for a home. USDA, VA, and FHA all offer programs at 100% financing.

I also agree that the original poster is probably a solid guy with a solid future. However, he’s still in school and is probably doing it with some kind of loan package. The loan package takes into account all of your assets, including your savings. In the U.S., financial aid counts any assets toward your expected family contribution (EFC) toward tuition and fees, then adjusts the total package to reflect those contributions.

The total package is comprised of the EFC, Grants, Loans, and Work-Study . Scholarships may be added to the package as well. The schools base their offer on the EFC first - those with less need (money sitting in the bank) will have a higher EFC. After they figure that, the rest is based on the perceived needs, active scholarships, available grant funds, willingness of the student to enter a work-study program, and finally, any loans necessary to fill the gap.

The majority of students graduate with at least some loans and no savings. That’s why the average student loan debt is so high.

TL;DR - He probably has school debt, doesn’t have much if anything in savings, and is entering into his first “real” job. Even so, he might  be able to get a mortgage loan, but his awesomeness aside, probably shouldn’t buy a house until his job is stable, he’s paid off his debt, and he has some savings to use for a down payment.

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 16:52

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Been doing radar and EW work for 20 years, so let me know if I can help 

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 16:56

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I'm sure we'll run into each other eventually. Just look for the 96 Golf with an Oppo sticker on it. 

random001 > I like cars: Jim Spanfeller is one ugly motherfucker 09/25/2018 at 19:08

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Sadly, unless we make an effort, probably not.  You're on area A, I'm on B.

I like cars: Jim Spanfeller is one ugly motherfucker > random001 09/25/2018 at 20:06

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Could've sworn the guys I interviewed with said B. Maybe they meant the new labs that are being built are in B? Oh well

pip bip - choose Corrour > I like cars: Jim Spanfeller is one ugly motherfucker 09/26/2018 at 07:52

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85K for a house?

GTFAC!

this is the only place under 85k near me

https://www.realestate.com.au/property-studio-vic-ballarat+central-128776298

I like cars: Jim Spanfeller is one ugly motherfucker > pip bip - choose Corrour 09/26/2018 at 08:55

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Fuck is that

pip bip - choose Corrour > I like cars: Jim Spanfeller is one ugly motherfucker 09/26/2018 at 08:59

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the only place for sale near me under AUD$100,000.00

Smallbear wants a modern Syclone, local Maple Leafs spammer > TheRealBicycleBuck 09/26/2018 at 10:44

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Thanks for the info . Like I said I really know next to nothing south of the border... and not much in general

I was unaware there was such a thing as 100% financing. All the sources I used for research (mostly major banks) all seem to require sizable down payments. No use to me, since you still need a good down payment to get into a house at Toronto prices, but good to know.

One thing I forgot about was property taxes—I’ve got some friends in New York (State) and their taxes are far higher than ours. Of course their properties are a fraction of the price as well, but it’s another thing to look out for. Do you know what they’re like in Dayton?

That’s all reasonable, and I agree. Making sure you’re stable before you take the next jump is rarely (if ever) a bad thing.

TheRealBicycleBuck > Smallbear wants a modern Syclone, local Maple Leafs spammer 09/26/2018 at 10:51

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I have no idea what the property taxes are like in Dayton. In Louisiana, they aren’t too bad, but the sales taxes are a bit high and there’s an income tax . In parts of Texas, the property taxes can be ridiculously high, but the sales taxes are comparable to Louisiana and there isn’t a state income tax.

I have no idea what things are like in Canada, but some of the things allowed down here boggles the mind.