You are in a great financial position. I’m not going to tell you exactly how mjuch you can qualify for since that can change dramatically depending on interest rates and available loan products. However, you have good cash, nice savings and no debt. You won’t believe how few people are in that position. I originated probabaly close to 1,000 or more loans and most people have no cash, lots of debt and average credit scores. It always blew me away to see the financial profiles of people. And the interesting thing is that the highest earners, in many cases are no better off that the average earner becasue they ramp up their spending with their income.
I do think you might want to wait and see how this market shakes out before buying. If you really want to buy, you should, however, you must know going in that home values may go down for years. Also, I would stop going to open houses because its only going to get you excited about buying. I have seen too many people get caught up in the whirlwind of buying and then later regretting it. Take your time, think about your goals, and hope for bargains. I think you will find patience is a virtue and people with patience will be rewarded in the coming real estate cycle.
