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      11-06-2011, 09:03 PM   #16
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Drives: 2018 X3 M40i
Join Date: Jul 2010
Location: Dallas, TX

iTrader: (0)

Originally Posted by Blu_Frg View Post
Yeah, I'm positive I'll be filling up at least 2-3 times a month with an M3. I really don't drive all that much. I'm guessing insurance will be like $200-$250.

Also, if I do get a condo and need to put a downpayment, I think my parents would float me the downpayment because my dad was the one who suggested I buy a condo out of college because he did so and flipped it for a good chunk of profit (granted, this was 30+ years ago when the market was DRASTICALLY different; regardless, right now is a prime time to buy real estate). My mom and sister disagree with my buying a condo, but my dad supports it.
Financing a house or condo is much more complex than that. Don't assume a lender will allow for money from your parents to be used towards a down payment to qualify you for a loan.

To make a long story short, it can be pretty tough to qualify for a home loan, with a good rate. Lenders learned their lessons. If a condo is a top priority, save a ton of cash, and keep your credit score >750.