Sorry if this is long, I'm just looking for some opinions on my current situation.
Currently I am considering buying a home but I need help figuring out what I can afford and how much I should save before I even begin applying for mortgages. Here is a bit of background:
I am in the process of securing as much money for my down payment, closing cost and for my emergency savings fund. However I don't want to wait several years either. My current rent is very low at just $525 and I would like to stay there awhile longer to ensure the best savings for myself. I make $60,000 a year plus a bonus (anywhere from 6k-30k) and I have been with my current employer for 8 months. In addition I have a Debt to Income ratio of about 13% and FICO credit scores ranging from 712 - 655. I have recently gotten some inquires removed and 2 minor medical bill collections removed so my scores should be improving. (fingers crossed) Here's some more info about my debt:
Debt:
Car loan: 26K 0%APR - $430/month
Sallie Mae - $150 (remaining balance is 4k)
CC: I have 4 credit cards, but only 2 with balances. Discover: 800 - (1000 limit) & Capital One $182 - (1000 limit) I do plan on paying these off within the year
Ideally I am looking in the Delaware County area of PA and would like to spend $150k - $200k as I feel that will get my "forever home". My hubby will be assisting with bills and savings, however I want to base our budget on one income, as his credit is in terrible shape. Any help would be great or if you can recommend some next steps for me.
Thanks so much!
Starting Score: 515