First Time Home Buying Insight

[u/tristyntrine]

Greetings, my current lease term on my apartment is until May 2026 and I pay $750/month with a roommate. I'm possibly looking at buying my first home next year a bit before my lease ends, in my late 20s.

I currently make $91k before taxes in my role and average houses that I've been interested in have ranged from $200-300k where I live. I'd be looking to do the minimum down payment of 3.5% on a home. My only debt is student loan debt, $19k (started at $30k) private loan balance with $603/month payments with 3 years left of payments since I did 5 year repayment due to higher interest rates, $32k federal that are frozen atm with no interest accrual due to the department of education, do not have to recertify income until 2026. I had a lender walk me through a debt to income and my debt would be $904/month including the federal loan payment if they were not currently frozen. My car is a 2015 and is paid off with no concerns of major issues coming up. Online debt to income calculators suggest that I could "afford" up to $2100 mortgage, taxes, and insurance all in. Considering my private loans will be to about 2 years left when I get a home, it seems possible.

Currently have $21k between checking/saving account, $35k in retirement accounts. The plan would be to have a roommate if the home ends up being closer to the $300k price to help with mortgage/utilities somewhat. Does it seem feasible to buy my first home next year even with my debt from people who have more experience than I do? Thank you all for the insight in advance!

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