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How to buy a house when you graduate college?

I'm still in college but I would like to get a head-start on learning what I have to do to buy a home when I graduate. My fiance and I will graduate next year, May 2011. We know where we want to live as we both have pretty much found jobs in the area and it's also where we grew up so our families are nearby. We currently live in an apartment that my father owns, so we live there for free until we get on our feet. Once we graduate we can stay there as long as it takes us to get where we need to be financially. It's a huge help and I am so thankful because of it. But eventually we want to get our own home. Here is some information I have about us: --I'll have about 19K worth of college loans when I graduate, he will have about the same or a little more --I'll start out making around 30K-40K a year with my communications job. He is looking to get a job with the state: mechanic, sheriff or corrections officer. --I have pretty good credit. I have one major credit card, a cell phone, and Kohl's Dept. Store credit card (this has a 0 balance, we pay it off every month) --We do not have children. --We would like to buy a house in the 100K-295K price range. Am I leaving anything out? I can put more information if it would help? Do you have any advice, experiences you'd like to share? Anything would be helpful. We're just concerned about how we're supposed to start our lives with all this college debt under our belts. We've been told about consolidating and FHA loans, anyone familiar with these?

Asked By: ~Kay~ - 2/8/2010
Best Answer - Chosen by Asker
You need good credit, a job, and a down payment... More
Answered By: Thundre - 2/8/2010
Additional Answers (2)
do not try to buy a house SO SOON. Get geographically and economically acclimated first... More
Source(s):
Answered By: kemperk - 2/8/2010
 
What is important is the debt payment amount, not so much the actual debt. If we assume your fiance will make about the same as you say 35,000 and you do the same that gives you about 70,000 combined income. You really should have about 20% to put down on a house but loans are available for considerably less. With... More
Answered By: Don - 2/8/2010
 
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