better to save for DP or to pay down util?

[Anonymous]

I understand why a lot of members here are saying to wait, the vast majority of us have had to go through serious credit repair and we're cautious. However, i think buying a house is a different kind of fish. This is an investment into an asset that typically appreciates. If you're currently paying rent you're tossing out money you'll never see again.

You're obviously being responsible with your credit so the only thing that would change my opinion is if you irresponsibly purchased a home you couldn't afford. If you plan on buying in a range that's affordable, it shouldn't stop you from paying off your debts. Just my 2 cents.

[Anonymous]

I have been looking in a range of 100-150, mostly co-ops considering how expensive homes or even condos are in NYC... I have been working with a non profit who feels my max would be around 195000 or so.  I just dont feel comfortable with that kind of a payment.  I put a lot into my 401k and other long term financial goals, plus I try to save at least 350/paycheck in reserves, which I am not willing to compromise to afford something now.

I can see on paper how the math works.... but feel in my heart that my savings goals/plan and ability to sleep at night wouldn't allow me to sign for so much

Thanks for all the advice...  

[DallasLoanGuy]

Apply.

Loan officers can simulate a few things in the loan software.

I like to see reserves on hand. And since your scores are ok, you may want to keep the cash on hand for now.

[mystikal1]

Don't forget if you buy now and get the 8k you can put that towards cc debt and almost elimiate that debt for free.