Here’s my situation: 26 years-old, single. Should I try for a home loan now?
I am 26 years-old, single, no dependents or deductions. I only have about $ 13,000 in my savings, make about $ 82,000 salary per year (before taxes, heavily taxed due to no deductions and resident of California), a good FICO score of about 745 (not sure what my credit rating is of the others credit scores), live at home paying about $ 400/month in rent. I am able to save about $ 1,500 per month. I also am paying off about $ 12,000 left of student loans (paying about $ 250 per month).
I am very interested in getting a home loan. I have only scraped the surface into looking into the housing market, though. I am interested locally here, where the prices of homes are very high. I am interested in a home price ranging from $ 250,000 to $ 320,000, which are available here in the Southern San Francisco Bay Area, California.
Think I should be looking into a home loan? I am very interested. Or, perhaps too early?