I really need help determining if now is the proper time to obtain a mortgage. My annual gross salary is $35,500. The only debt I currently have outstanding is a student loan, which is in deferment until December, for $215 monthly. I have approximately $10,000 dollars that can be applied towards a down-payment and my credit scores are as follows: Experian 658, Transunion 630, Equifax 661. I recently paid off all my credit card debt totaling about $4,000, which I hope will reflect in my August credit scores. I am looking to buy a home in RI for up to $125,000. I began full time work from an internship in January of this year, my employer was gracious enough to convert my internship time to years of service, which makes my current employment 1.5 years. Prior to that I worked in banking, so there is no lapse in employment. I am single with no dependents. I currently live with my parents, so there is no immediate reason to move, just a strong desire. Please advise.
