Is it really cheaper to buy a home than rent, here? (Elkhart: for rent, mortgage)

[LivinInIndy]

I just graduated college. I am under the impression that you have to have a good paying job for 2 years in order to get approved to get a loan for a home.
I just got a job but am only making 35 grand starting off. I will be making 45 grand my second year. Is that even enough anyway?
I pay around 600 for rent not including all of my utilities.
What are the requirements and would I be better off buying a home?
I have 8 thousand in savings for when I buy a home. I want to have more by then though.

Although I doubt I even make enough to own a home, I am wondering if my rent is costing me more than it would to own a home here in fort wayne.

Thanks!

[rrah]

Generally you need to be working for a couple of years and have good credit scores. (above at least 650, and I've heard that scores closer to 700 are now required for many loans) In the past, lenders would consider you just finished college and this might be a substitute for employment. Given the changed lending environment, this might not be the case any longer. Lenders also focus on the income to debt ratio. Do you have any long term debt (student loans?) or other debt such as a car payment? Your total debt, including a mortgage should not exceed 36% of your income. Your eventual mortgage should not exceed 28% of your income. The two keys to a home purchase are your credit scores and your income to debt ratio. Employment history is important, of course.

See this link for a good explanation to your questions:

Mortgage Basics, Ch. 1: Can you afford that house? Know debt-to-income ratios

BTW-my D is a the same place in life, just graduated, first job. I would not advise her to purchase anything for 3-4 years. You're young and job changes, relocations, etc. can happen fast and frequently. You don't want to have to sell a house when/if new opportunities arise. My advise to her is to save enough so that she has a 3-6 month nest egg. If she should become unemployed, she will not need to worry about money as much and that will give her time to find a job.

[Schizy]

Before moving to Florida I sold my home in Elkhart, IN. I got tired of the seasonal commute. This was 2 years ago. The economy was SO BAD I had no buyers @$90K in a house with an appraisal of $140.K . Out of sheer desparation, I sold to a speculator for $68K. Less than half price. The only "good" thing was the fact when the buyer complained about anything I replied:"Tough $**t. Don't buy it then". I think I was actually trying to drive him away.
.
Oh well, here I am in Florida after promising the wife New Mexico.
.
Seems like I can't get anything right.

[Broadrippleguy]

Originally Posted by Schizy

Before moving to Florida I sold my home in Elkhart, IN. I got tired of the seasonal commute. This was 2 years ago. The economy was SO BAD I had no buyers @$90K in a house with an appraisal of $140.K . Out of sheer desparation, I sold to a speculator for $68K. Less than half price. The only "good" thing was the fact when the buyer complained about anything I replied:"Tough $**t. Don't buy it then". I think I was actually trying to drive him away.
.
Oh well, here I am in Florida after promising the wife New Mexico.
.
Seems like I can't get anything right.

How is flordia working out?