We have been trying to buy our first home since September.

[Marcellus Sims]

We have been trying to buy our first home since September.We have $92,000 saved. Credit score 655.  

We are looking to buy a house with at least 4 br 2 bath in Alabama. We are under contract for a 3,037 sq. ft. 4br 3 bath. It’s 325k. 35k down payment with 2.25 points being purchased with a interest rate of 5.99%. The monthly payment is estimated at $2,295. Which is roughly 28% of our monthly take home pay. We feel like that’s too much to pay monthly for housing. We have no other debt at this time. Out of that 92k saved- we would take 16k out for 3 month emergency fund. 10k out for moving and breaking our current lease. So it leaves us with 66k left to decide to use for down payment and closing cost. We would like money left over to start investing and starting a business. We were wondering other’s perspective on the state of market and is it even worth it to buy a house now or wait.