First time homebuyer with 760 credit score and first job

[Daniela R.]

I am a recent grad who just landed my first job (65K a year) and have 760 credit score on average but started to have a 780 credit score recently and plan to keep increasing it. I have good money saving habits as well. I'm a first generation profesional in my family as well, and I am trying to buy my first home and then get into real state investment. My job is secure as well. I am looking into buying a house for 200K in Houston, TX with 3 beds and 2 baths and plan to rent one 1 bedroom.

I found it on Zillo, and from their estimates it indicates the cost will increase to 220K in the next year and so on. I am assuming property taxes will also increase. But also, my yearly income will increase to 70K in 2022. Should I buy now? I have saved 40K for downpayment. That's all i have left and I'm really worried I might do something wrong and lose it. I was raised by a single mom who never owned a house since all her money went to my education. So you see how important is this to me. I am currently renting an apartment which lease ends in july 31st

How can i make sure I get to buy the house i am interested but at the same be able to start paying it on august 2021? Is that even possible? If it's not then what are my best options? I will really appreciate it, as me and my mother are finally managing to literally get out of poverty.

[Aaron K.]

Continue to save, you want enough for your down payment and a bit of a cushion, because this is a primary residence the math doesn't matter nearly as much, pick something you like and that you can afford, if you spend less than you make you should continue to see your savings increase.  However because you've been on the job less than 2 years you may have some trouble getting preapproved by lenders.