advice for first time home buyer?

[Bicycles_Biatch]

how much are you looking at putting down? As a first time home buyer in the current climate... I think you're going to have to look into at least 10% down + closing costs (probably about $2K due to your projected purchase price).

BTW... to the contrary... your student loans and CC payoff for your wife is actually going to be very helpful in proving to a lender your ability to repay debt.

the 15 year loan is hovering around 6.375% or so... you can use any ammortization calculator on line to work out different payments. If you only put 10% down... the additional 10% down will be a "2nd mortgage" at a higher rate, probably around 9%.