Thanks for the all the positive and negative feedback guys!
To add to my original post -
I am aiming for about 200k. I live about an hour away from chicago already and plan to stay here! You can get something really nice for 200k.
Here is an example:
As far as my "no money in the bank" statement - Income tax season is around the corner. Based on what I got last year and what my girlfriend has in the bank - We can put 10% down on 200k. Not much - But our real estate broker said it would be enough. Since our real estate broker is family - she will be giving us the money she makes if a sale is struck. That can then go back in to the original down payment.
Even with that being said - I still have 65k of loans under my name. Not sure how the bank feels about that. All i have to show is my Credit score and that i can keep up with the payments (even without my gf) with my current salary.
I know i'm young and can still wait for a home. Say i wait another 5 years until i have my car paid off and 3 years left on my school loans. The housing market will likely be back up - And this 200k house can potentially go upwards of 250k. Here is a pricing chart for the house mentioned above:
I will have to borrow more from a bank - but will have less loans to my name. Keeping the fact that it has the potential to move up to 250k - I will profit even more because the value of my property will go up and will have 5 years of payments - as well as having paid off my car and 3 years left on my school loans. The bank will have to lend me roughly the same amount (with or without waiting) at the end of the day don't you think?