Me: First time homebuyer
35 y/o, Female, single, no kids. Not really planning on getting married anytime soon. Credit score near 800.
Income: $125k/year, stable job. Monthly gross income before taxes and deductions is approx $10.5k/month. After taxes and retirement contribution (maxing out my 401k), my take home is about $5600/month.
Current Savings: $165k in cash savings account, $220k in retirement accounts
120k student loans, which are projected to be entirely forgiven in 2025 under public service loan forgiveness. Monthly payment is $650 until they are forgiven.
Car: $600/mo, paid off in 2 years.
No other debts.
House is listed for 470k. Don’t plan on offering above asking. Monthly PITI is approx $2300.
I seem to be in the clear of the 28/36 rule for DTI, but am worried I’ll be cash poor. I was planning on putting 20% down, and working hard for a couple years to pick up overtime and keep the spending to a minimum to get the mortgage balance down.
Just hoping to get some feedback on my financial picture for this house. It’s such a big investment – first time homebuyer. Thank you for reading.