Do I Qualify? Not much cash...

[kaydubya]

Thanks Barneygirl,

Your summary is correct.  You are guessing if I eliminated the HOA, that budget seems reasonable?

It's seeming like I would be better off putting my current cash toward eliminating the car loan (and saving the longer term interest), even though it would technically take 2 years to recover that in-pocket.  At least at the point I do have enough cash, I wouldn't have as many monthly expenses...

[Rindy]

Not sure if you are aware but the income limits for CalHFA have just been increased!! Take a look on their website, you may find you fit within the guidelines now.

Good Luck!

[Anonymous]

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@kaydubya wrote:

Thanks Barneygirl,

Your summary is correct.  You are guessing if I eliminated the HOA, that budget seems reasonable?

It's seeming like I would be better off putting my current cash toward eliminating the car loan (and saving the longer term interest), even though it would technically take 2 years to recover that in-pocket.  At least at the point I do have enough cash, I wouldn't have as many monthly expenses...

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That HOA is indeed killing you... Your car loan is irrelevant. Your DTI is fine for your other debts. Paying it off will have no bearing on approval whatsoever. It's your front end DTI that only accounts for PITI and HOA that is conflicting. Eliminate the HOA and you're in budget easily. 

5% down conventional is the way to go. Those housing programs charge higher interest rates over the entire life of the loan. They're meant for people that have no other options. At your income and DTI you don't fit into that category. Save the extra $5K and do 5%.  With conventional the PMI will eventually drop and you're payment will be less.  

[settleordelete]

I would pay off the student and car loans first.You would be saving an extra $600+ a month without those. Seriously, I paid off $20k+ in loans with almost the same income when I purchased my house. So why not get rid of that $22k in loans first and then get the house. I can almost promise you that you will enjoy it better.