When to take the plunge

[tianapb725]

Hi all!  Here is my current scenario and was wondering when I should take the plunge.  To be honest, it kind of terrifies me to start the process, but I want to make sure my ducks are in a row.

Current Salary:  $69K

Current Debt:  $1300/mo - that's student loans, car payment, personal loan and credit card - 9% utilization

Down payment:  $7K

EQ:  791 - both pulled last month from this site.

TU:  761

The personal loan will be finished December 2014, which accounts for $370 of my debt payments.  Should I wait to apply until at least February so I only have 10 months of payments left or does that not matter anymore?  Also, should I focus on throwing more money at my debt instead of my downpayment.  I was looking for a max mortgage of $180, however would prefer to stay in the $160 range in Western Mass.  My lease is up in August and my rent will go from $875.mo to $900/mo.

Wait or do I go for it?

[tianapb725]

anyone?

[Hoya08]

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Current Salary:  $69K

Current Debt:  $1300/mo - that's student loans, car payment, personal loan and credit card - 9% utilization

Down payment:  $7K

... Should I wait to apply until at least February so I only have 10 months of payments left or does that not matter anymore?  Also, should I focus on throwing more money at my debt instead of my downpayment.  I was looking for a max mortgage of $180, however would prefer to stay in the $160 range in Western Mass.  My lease is up in August and my rent will go from $875.mo to $900/mo. 

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With a $7k down payment, do you have enough funds for closing costs?

Whether you apply now or in Feb, you still have a $370 monthly payment (until Dec '14) that will be calculated in your DTI.  It may be in your interest to start now since we don't know how the economy will respond (which will affect the Fed's QE policies, which will effect interest rates).

A $160k home with PMI, insurance, and taxes puts you (~$850-$950-ish) in the 38% DTI (on the backend) range.  Will you be comfortable with that until Dec?