Just finally got married about a month ago and we’re starting to look into potentially buying our first house. We’ve heard all the horror stories about the current market but people have assured me it’s getting better so we figured now may be a good time to start seriously looking.
Our combined income is about 120k, we both have credit scores in the low 700’s, and debt to income ratios of 19% and 23%. I feel we’re in a prime spot to start looking into buying our first home but we currently only have about 8k saved for a down payment after the wedding. We’re looking to buy a house in the 150k-250k range and will stay in it for probably 7-10 years.
Since we currently only have 3.2% – 5.3% down, would now be a bad time to get pre-approved and start shopping? I have no idea how long it will take to find a house but while we shop we can save probably 2.5k – 3k a month.
Right now we’re currently renting an apartment for 900 a month and it feels so wasteful to just throw money out with rent so we’re really interested in buying but I’m not sure how long we should wait. I’ve heard with FHA loans you can put as little as 3.5% down so I wasn’t sure if waiting was the right thing to do or not.
Let me know what you guys think.