I live in Washington D.C with my parents right now. I am 24 years old, with good credit and make $ 50k a year. I am planning on buying a house in Frisco, TX. The houses I am looking at are between $ 120K – 160K. I don’t have any other expenses besides my cellphone. My parents are not asking me to pay any bills so that I save up to buy the house. I have so far saved $ 20K.
After buying the house. I want to fix it up nicely while I am looking for a job and still working in DC. I will not move the same day I buy the house.
1) do you think I will be able to afford any kind of mortage?
2)Is it only people who make $ 70K or more that can afford houses?
3)Do you think it would be smart to make until I can make more money before buying a house?
Please tell me what you do think.
Currently, I am looking for a second job. I hope to get it soon. Maybe, as a waiter or a security guard. Right now I am a proposal analyst for a government contracting firm.