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[quote=Anonymous][quote=Anonymous]I currently am trying to buy a home at 380k. I make 96k a year but have 100k in lawschool debt. I owe nothing in credit cards and about 26k for an auto loan. I have about 55k to put towards closing and a down payment. I was told today that I only qualify for an FHA loan up to 260k as my dti is over 36%. I really want to go conventional even if only at 5% and I want to qualify for more as I saw a house that I love. Is is more prudent for me to take 26k of the 55k and pay off my car loan and hope I can get to conventional where I only need about 20-25k down. Will this even help me? I'm stuck. [/quote] Op have you calculated how much your new house payment will be all in. How does it compare to your rent payment? What are you able to save now and what will you be able to save after you buy? Also, what the potential for your salary increasing?[/quote]
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