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If I were you I would wait until you have your 2 monthly debts paid off.
You just don't have enough to be able to afford that kind of payment right now.
Even at 45% $2025/ month
2025
$750 taxes
$685 2 monthly loans
Leaves you with only $590 dollars for your mortgage.
You are also not accounting for the other expenses with a house:
Electric
Gas
Water
Things do break. Could you afford to spend $1200 dollars to put in new water heater if it breaks, what about a new roof?
It just isn't possible for you right now.Just your mortgage alone will be at least 1300/month plus your other loans= $1985 per month.
It's a very big misconception that people think they will qualify for the lowest rate because they are a first time buyer. Absolutely not true.
I was in your same situation about 8 years ago and got in over my head. I lost everything. The foreclosure was tough to come back from.
When I moved into my house 2 major things happened. One I had a gas leak that cost over 500 to fix. The other was tree roots which backed up the sewer into my basement ruining all the carpeting downstairs.
My advice is to pay down your debts and come back to this in a few years once it's paid off.
Keep making payments on time and building your score. Within a few years you should hit over 700 which will qualify you for a better rate.
Thank you everybody for the great advice. I will comtinue to pay down my debts and let my credit score grow. Maybe a few promotions in between. Thanks Again!
@Raymoondo101 wrote:Thank you everybody for the great advice. I will comtinue to pay down my debts and let my credit score grow. Maybe a few promotions in between. Thanks Again!
I have to say that I think you are making a very wise decision. In the long run, home ownership is a LOT more expensive than just the mortgage and monthly bills. There is always something -always. So good on ya for making the choice you did!