[FL] Am I ready to buy a house or do I have slim chances of getting approved for a home loan?

Hello all. I currently live in NW Florida and have been renting a townhome for the last 2 years. My rent is getting raised again this year in late June and I’m starting to creep closer to paying $2750-3000 a month just in rent. I’m thinking it may be time to bite the bullet and look toward owning instead. That being said, I don’t know what my chances are for getting approved for a home loan.

Base salary: currently $165k, will be getting raised to $185k + monthly bonus in June. Current monthly take home after taxes is about $9000. Credit score: 760-770 No credit card debt (nuked down $65,000 of it last year, which really impacted how much I could save up) Federal student loans: $660,000 (yes, you read it correctly). Monthly payment will be $699/mo once I pull it out of deferment. No private loans, car loans, etc.

I spoke briefly with a realtor and she stated a home that would fit my interests would be about $300-350k in the current market.

I only have about $20k saved up in my “future downpayment on a house” fund as last year was my first year working and I focused on building an emergency fund (which I had to use… TWO times) and playing down my high interest debt. I just honestly don’t know if a lender would ever consider me though because of my loans. I know I need to take them out of deferment and begin to make payments on them first and foremost. But is my debt-to-income ratio too high? I know that the physician mortgage loan exists and it could help me with the fact that I don’t have a lot for a down payment, but I don’t know, I just feel shameful about my current situation.

Is it worth trying to see if I can get pre-approved or should I commit to another year of renting? I really am dreading staying in this place any longer but I’m scared of wasting everyone’s time.

submitted by /u/zombieholiday
[link] [comments]

Hello all. I currently live in NW Florida and have been renting a townhome for the last 2 years. My rent is getting raised again this year in late June and I’m starting to creep closer to paying $2750-3000 a month just in rent. I’m thinking it may be time to bite the bullet and look toward owning instead. That being said, I don’t know what my chances are for getting approved for a home loan. Base salary: currently $165k, will be getting raised to $185k + monthly bonus in June. Current monthly take home after taxes is about $9000. Credit score: 760-770 No credit card debt (nuked down $65,000 of it last year, which really impacted how much I could save up) Federal student loans: $660,000 (yes, you read it correctly). Monthly payment will be $699/mo once I pull it out of deferment. No private loans, car loans, etc. I spoke briefly with a realtor and she stated a home that would fit my interests would be about $300-350k in the current market. I only have about $20k saved up in my “future downpayment on a house” fund as last year was my first year working and I focused on building an emergency fund (which I had to use… TWO times) and playing down my high interest debt. I just honestly don’t know if a lender would ever consider me though because of my loans. I know I need to take them out of deferment and begin to make payments on them first and foremost. But is my debt-to-income ratio too high? I know that the physician mortgage loan exists and it could help me with the fact that I don’t have a lot for a down payment, but I don’t know, I just feel shameful about my current situation. Is it worth trying to see if I can get pre-approved or should I commit to another year of renting? I really am dreading staying in this place any longer but I’m scared of wasting everyone’s time. submitted by /u/zombieholiday [link] [comments]

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