Current lending rates are historically low and down payment requirements are as low 3.5% for FHA loans. Interest rates aren't just important for the monthly payment amount, but also because when the interest is lower the bulk of your payment is going towards your principal which is your equity and helps pay off the house faster.
The national median home price for November is $221,900 with the average interest rate at 3.79%. If you purchase a home for $221,900 with 3.5% down at the 3.79% interest rate your monthly payment of principal and interest would be $996!
If you aren't ready to purchase yet but are thinking you will in the next year or more, it is a great idea to talk to a lender and see if they have any suggestions of things you can do while you're waiting to help you get the best loan possible. Obviously increasing your income and reducing your debt is good, but credit is so important. You should have a credit card and use it, but never let a balance of more than 30% of your limit sit. If you are self employed or receive commission, typically lenders will need two years history of that to incorporate that income when considering you for a loan. For tips like this and more give me a call and I will set you up with a lender that I trust!
Once you speak with a lender and find out what purchase price you qualify for let me know and we can start looking at what kind of house that number gives you in different areas of Columbus! You can always browse listings on my site sorted by community to give you an idea as well: