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If you're talking $600 after ALL expenses (which it looks like you are) then that's easily do-able. The wife and I were clearing less than that right after we bought our house with me working retail still and her working part-time.
That being said though, I wouldn't do it..
Save up money, get a steady income (if you don't already) and put a down payment on a house. The money you spend on the mortgage each month will be actually going to something.. not paying for someone else's property.
Do it right and save up enough to put down 20% and you won't have to worry about mortgage insurance which is just useless $$ out the door now since it's not eligible for a tax write-off anymore.
Instead of moving out right when I got a stable job and finished school, I dealt with living at home for another 1.5 years.. I saved up enough to put down 20% on our home and get a conventional loan. Or mortgage each month is now about 3/5ths the cost of what others pay to just rent.
Summing it up.. It sucks living at home, but saving up enough $$ to buy a house and not go through FHA is WELL worth it in the end.
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-Mike
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