First time home buyer advice needed!
Thanks in advance for your input.
Here's my situation. 25/year old, single. ~$60k/yearly salary, +700 credit score, no negative entries on reports (no missed/late payments EVER) I've had an auto loan for 22k which was paid in full before end of term. I also have a good employment history if that is any consideration.
I share a 2-br condo with a friend. My friend owns the condo and charges me $965/month all included. He also carries a real estate broker's license so he will be assisting me with the home buying process.
I discovered a great condo near my current location which I believe I can get in at under $240k parking included. Assessments around $150/month. I am very familiar with the area and its real estate market and this will be a good home for years and a great rental property after I've moved on.
Now onto the bad stuff. I have roughly 14k in debt spread almost evenly across 2 credit cards and 1 loan. I have reduced this from 24k in the last 4 months thus I have little or no cash to put down.
Given my debt/credit/the market/income/first time buyer programs is this a good idea at this time?
*edit on math