Is now the right time to buy for my Fiance and I?

You have every reason to be skeptical of what online ads state as most of them are advertisments and teasers to get you to call them, mnot accurate information. From what you said it sounds like you make a good amount of money and even though you hold a good amount of debt it seems as if you have it under a very strict repayment plan. To be honest with you it sounds like you both would be great candidates to purchase a home. I would suggest not speaking with a mortgage broker and pick a reputable local communtiy banker (not the big boys like bank of america). This way the company is lending their own money and have complete control over their underwriting, appraisal process and processing depatrment. This will help you get more direct and accurate answers. The reason I say local is because this is a very important financial decision for you and your fiance and you want to make sure that you can sit down and shake your loan officers hand so you both can feel 100% comfortable with them and their bsuiness morale. Even though buying a home should never be treated as investment where you expect to gain a return in 3-5 years it is still an investment in your future. Plus all that money you are paying in rent now is going to pay the landlords mortgage, where you could be paying your own and owning your own piece of property. From a market standpoint House prices and interest rates have both bottomed out so to say the least it really is the best time to buy! Good luck with your home buying process and your future marriage! let me know if I can be of any more service to you or your finace!

What is the purchase price going to be?

Though past performance is no guarantee for the future, most will agree that the current pricing for homes is quite low. Based on historical real estate cycles, whatever you purchase now will be worth more in a few years from now. In addition, based on your income, unless you have dependents to declare, you are probably paying a large percentage of your income to the IRS. By purchasing a home with a mortgage, you may be able to deduct the interest paid from your income and save on taxes paid to the IRS. There are many factors that need to be taken into account when determining elegibility for obtaining a mortgage. Kindly contact us directly and we will be glad to assist you. If you can afford a mortgage than now seems like a great time to invest.

Best way to figure what a mortgage underwriter uses to calculate what you are able to afford: use 45% of your gross income. $8,451 @ 45% $3,803 a month. This is the max payment for your mortgage, tax, insurance, and your 1300 in other debts. Lenders call the debt to income ratio or DTI and generally cant be higher than 45%. Based on your description, taking 3803 income, less the 1300, less 500 for tax, insurance then your mortgage payment for tax and insurance could not be more than 2000. At 30 year loan, 5% interest, you would be qualified for 370k loan. You would need 20% down to avoid mortgage insurance. FHA can use 3.5% down, but you will pay a monthly mortgage premium.