You really want to get into the market ASAP = you should already have pre-qualification by a loan specialist. That's your first step. It's great that you know all these numbers, but all scenarios are unique. And the guy that's going to originate your loan is the one to plug in those figures and verify documentation of your income assets credit etc.

Based on the info you gave, and assuming property taxes and homeowners insurance are $100 each per month, and using a 30 year rate of 4.25%, you would easily qualify to buy a home now. The $16,500, savings is enough and doing a loan for $350,000 would put you at a debt to income of about 37%, which is no problem. As interest rates are heading higher, it's best to start looking now, instead of 6 months from now. Even though I don't do loans in Alabama, feel free to email me or call me as I'm always willing to help out a fellow AR member

I would definitely talk to an experienced real estate agent in your area who can give you the names of some good mortgage brokers. Speak to one of them and they will let you know what you can purchase.

Find a local lender... (ask friends or family for someone they've used in the past and recommend).  Sit down with them and go over your finances... it looks like you've got all your ducks in a nice row.

Good luck.

I would definitely find a lender to help you figure all of this out.

Talk to a local lender. One you can sit down in front of. They will assess your situation and answer all your questions.

Totally agree with Joe Pryor. These are questions best asked of a loan officer in your area (since guidelines are different in different areas). They will be able to advise you of your purchase power, at which point I would then contact a Realtor.

Speak to a local banker, who should be able to help you with all the details and pre-approve you for the amount for which you qualify. With that in hand, you can start looking at homes that fit the borrowing criteria. Also consider renting for a while if you don't see anything that suits your fancy.

You must have a loan officer in your twon that can advise you about expenses. I would start there before you contact an agent.

      Call a mortgage lender on Monday, and tell this information to them.  Perhaps the bank where you have your savings account can assist.  Ask them to give you a pre-approval letter.

Speak with a lender and let them sort it out. They will have questions beyond the scope of your description and give you an accurate answer.

westin brodey Meet with a loan offer and have a face-to-face discussion of your situation.

There are 31 answers as I look at your question. One response answered your question. The other 30 made some sort of suggestion that you should speak directly to a lender. Now that number is 31.

Go talk to a local lender, or several of them, they will know MUCH more than any of us will.

Carefully select a local buyer agent and meet with a successful local mortgage loan officer for pre-approval.

Find a good agent in your town who can get  you set up with a good lender.

call a buyer's agent in your area who is well-versed with that market.... you may need to talk to a few before you finalize with one buyer's agent... then take direction from that agent ....start to finish...

Step #1 is You NEED Representation , a Buyer Agent to help package everything you've shown us !

Tell you what. There too many things unknown. However, thy the Rocket Mortgage website and fill out the app on line. They will give you a psss/fail IMMEDIATELY!   Be aware, there is incredible variability in the lending process, so if RM says you are CLOSE or PASSED, you are good to GO in regards to initial qualifying. Be aware, the job change could be an issue but not if in the same career. Divorce, bankruptcy or pending litigation are issues that will stop the train when the process moves forward. I would find a Active Rain agent near you here on this platform and start laying out a real strategy.

You have many great answers here. Good luck to you

 Hi Westin,

If you're buying in Alabama I could offer some insight, but the reference you posted is advice from Australia,  and with a more populous Victoria there, I'm confused about where you're looking to buy (esp after seeing your finding that rent is counted as savings, that's not the case on loan products in the US outside of rent-to-own scenarios where someone pays above market rent).

If Alabama, Bob Betel provided a good overview of what you'll be looking at.  Just at face value, everything looks OK.

westin brodey - why to become an expert when you get professional help at virtually no cost? Contact local real estate agent - and you'll be guided through this without any stress if the agent is good.

Good luck.

Looking for my guy, John Meussner - he's far more qualified to answer your question than I.

Best of luck in purchasing your first home! Congratulations!

Find an agent that will direct you to a trusted lender to get preapproved. Then you don't have to rely on the Internet to give you peace of mind.

Good questions to ask and great that you know all this. There are plenty of good suggestions here for you. Good luck!

Plenty of Sound Advise Above!

Best of luck.

I'm going to defer to a lender

I would talk to a local lender and discuss in details.  Or you can call a local realtor and ask for local lender referral.

Westin,

You have great advice from all the members.  Wishing you the best of luck finding you first home. A

As others have stated, you need to work with a local lender that will pre-approve you for a mortgage loan.  That lender may also have a great real estate agent referral. 

You need to go to a good lender with your story and get pre-approved for a loan first. There's no rushing that process or the buying process, but there is an order to things.

1st off - take all your confidentials off the internet. 2nd - talk to a loan officer in your area to make that call for you. 

Loan officers don't bite.

Good luck.

Hi Westin,
Sounds like you're on a great path to home ownership!  I would suggest the same as Kat Palmiotti .  

The easy route is go to your bank and ask someone in their mortgage department for a pre-approval. It takes more than looking at a couple of numbers to figure this out. They'll pull a credit report, maybe charge you for it and begin the process. In a few days you'll know exactly where you stand. Grants are excellent with stipulations, explore them to find out if they are right for your needs.  

Take this to your local professionals, let them earn their commission. Best wishes.

Ask Jason E. Gordon 

You may be better off by asking a lender.

 Talk to a mortgage officer in your bank.  In the US you are probably not eligible for FHA mortgage even. 

You have many great answers here.

I looked at the questions asked before and this one has a lot of great answers.

You're probably better off contacting a local mortgage broker to answer your questions. We're mostly real estate agents on AR. If you're working with a real estate agent, ask them to recommend a few lenders in your area that you could speak to. Best of luck!

You need a seasoned REALTOR to guide you in the right direction.

Find a good local lender who you can meet with and go over your finances.

Bob Betel nailed this one!

I would start looking right now so that you ave an idea what values are when you get serious.

It wont be long now before you are a homeowner. Congrats in advance