Good morning, Samer.
If you are currently not a homeowner, YES, I would encourage you to purchase a home. Does that $3,500 currently involve some sort of housing expense?
Given the factors you mentioned, your total monthly payment would be around $2,850 (that with my taking the liberty of estimating your monthly mortgage insurance). Now, that is based on a loan amount of $310,000 and the zero down programs are no longer out there. Secondly, do you currently have business credit established?
I would encourage you to speak with a business loan lender about the impact personal debt would play in securing that loan, and then I would focus on a slightly lower loan amount ... try to cap it at $275,000, for instance. If you are a 1st time home buyer, or you have not owned a house in the last 3 years, you would qualify for all or a portion of the government $7,500 tax credit (which is an interest-free loan to be paid back over 15 years), which may factor into your decision as well. You can learn more about that here -
http://www.doortodreams.com/buying.htm
Your credit scores in the mid 700s would allow as much flexibility as needed, given that your ratios are in-line, so you are thinking about the right things.
Please contact me direct for more information and referral to the lending professionals that can further identify the best scenario for you. I can be phoned at 248.851.4100 x132, or emailed at Derek@DoorToDreams.com.
Thank you in advance and I look forward to your response.
Derek Bauer, Associate Broker / Realtor
Real Estate One - West Bloomfield
http://www.DoorToDreams.com - Mon Nov 17 2008, 05:28