OzeWorld Guide

FIRST-TIME Home Buyers 1

My wife (24) and I (25) want to buy our first home in the Chattanooga, TN area. Currently, I am the sole income service provider for the two of us. I make 35k gross within an entry level business analyst position working for an organization that, while very stable, does not look appealing for growth.

I come with an associate’s degree within an unrelated field. I am studying for my IT accreditations and will probably be switching compared to that field within the next 5 years. My wife is completing nursing school with the short second produces no income. We paid for her school out of pocket, and we do not owe anymore for her.

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After her graduation in July, she’ll start working within per month or two and we expect a 35-50k salary for her, based on the actual personnel of the clinical she’s attended have said. Affiliates are had by her level, which means this will be her second. She has worked within days gone by 2 years (her nursing program is a 1-year so she worked before you start) in retail and most recently as a CNA. She made 15k in 2017 in retail and about 12k in 2018 as a CNA before she had to leave for college last fall. We have 30k in debt right now. 950/mo and I pay on time.

We have no kids but plan to after we get a house, probably within the next year or two. Both of us have a 720-775 credit history. I understand this all appears better in some recoverable format, and we’ll for certain come across some unforseen costs, but I’m looking for a little assistance and understanding if our plan/budget is practical. We’re taking a look at homes-200-250k range, to keep our PITI in the 1250-1750 range.

We’d prefer to find a house to provide us space to develop our family into, rather than smaller home we’d have to leave in a few years. B- Keep paying the payments as we are actually, but to use her new income to save lots of for a more substantial down-payment. Right now we haven’t any preserved for a down-payment but with her working that’ll be easy to do. I understand the most practical thing is always to wait so long as we can in our situation, save and pay off all the loans first. But we’ve been inside our place now for three years and we are wanting to get out as soon as February-May next yr.

Is there a preferred loan type for situations like ours? FHA is Convential, or something other? That ought to we concentrate on first, paying off our debt or conserving for a more substantial down payment? Say she starts working immediately making the 40k salary. Year because of school With her not working the complete past, will that affect our mortgage availability/rates, or are they more concerned with DTI? Would it not even be easy for us to get a 250k house next springtime? Thanks for reading and thanks a lot for your help in progress. I’ll answer any questions you guys may have, I tried to provide as much info as necessary.