Graduating soon and evaluating my options: Would buying be an option

[besos1024]

Hi all. I'm new to the forums, but I've been intriuged enough to begin thinking more about the possibilities of home ownership for my family. I will be graduating from business school in May and beginning a new job in TX in July, and my husband and I are begining to think about housing options. Given the favorable home prices in TX we are wondering if it makes sense to consider buying instead of renting. Here is a some info that may help in evaluating our situation, I'm happy to provide more if needed:

- FICO Score 687. All credits cards and car loans were paid to a 0 balance prior to business school EXCEPT 1 card that my mother uses and currently has a maxed out balance of $1500. Credit history is 8 years 8 months for longest account 5 years average.

- My salary will be $93,000. I will have no additional income

- The only debt payments I will have will be for student loans. I have a substantial amount of student loan debt totaling $111,000. The non-consolidated payment estimate I have come up with using online calculators is about $1360/mo. I pray the 2.5% I've seen floating around isn't used by an underwriter.

- We would have at max $15,000 for a down payment (atleast $10k though)

-Looking to buy in North Dallas/ surrounding suburbs

- single family, first time home buyer

- my husband would prefer NOT to be on the loan due to weaker credit

Given this information, do you all think I could qualify at all? To what amount? Any advice/ links to other posts is greatly appreciated because we truly are newbies and no one in our family owns a home so we can't get advice from them. Thank you all in advance for your help!

[MovingForward_2012]

I think you need to first take your mother off as an AU on your card as she has maxed it out and that is severely hurting your credit scores. You need to get that CC paid down.

Your student loan payments are extremely high and that will cut into you DTI significantly. I am thinking at most $250K for a home price and I think you are approvable.

[JM-AM]

I think you should PM Dallas or Shane and ask them to guide you . They both are a great source in the Texas area.

[besos1024]

Thank you both for weighing in.