Hi first post to the site, lots of intresting information here. My question(s) revolve around getting approved for a mortgage, here's the circumstances:
my fiance and i are first time home buyers, we just relocated (05/09) to Sarasota, FL after living in MI for most our lives. Her credit is horrible due to identity theft, and mine is mediocre? (620-ish) I have an associates degree in graphic design but have had trouble finding work, i earned my degree in dec 2008. I have seen a few posts on here about going into your field of study from college being a plus for your mortgage chances. Also to fill in the some more details, we have about 2800 in CC debt, and a combined total of about 45K in student loan debt that has NOT gone into repayment yet. We are looking at buying a house that is under 100K and hoping to get approved for a mortgage of 100K-150K to use for rennovations and such. We are hoping to only have to front less than 5K for a down payment, but if need be we can adjust that figure.
1) IF i do get a position in my field, will this still be viewed favorably even with the time gap? (i have been attending school since dec. 2008 for a different but related field - web development) She does have a waiting job that brings in 900/1100 a month on paper (+ tips but i'm assuming that wont count for anything in terms of mortgage qualification.) but has been there for a short while so we figure that will not count for anything either.
2) we are thinking about waiting to get married until after we buy a house, would this be better or worse for our mortgage qualifications?
these Q's are coming from a couple who know next to nothing about the whole mortgage process... so be gentle, it's my first time! Thanks in advance for any answers or general advice.
