I just have a question concerning having a 2 year employment history. I have a 2 year employment history currently, with 1 year of work in my current field. I am currently looking for other opportunities because I simply could not afford to live on my own in this area at my current annual rate of pay, unless I crowded an apartment full of roomates. I've graduated from college: I don't want to do this again for a variety of reasons.
I am hoping to buy early next year (around March), but would I have to wait until late summer/early fall due to my employment? My current line of work has zero to do with what I studied and there is a few months worth of gap between my employment history and being a student. Will finding another job hurt the two years of consistent employment? Will it be possible to get a mortgage before the fall anyway (my current employment started last August)?
Several factors:
I have mortgage scores ranging from ~650 to 700 (a collection is on two reports, but I got it removed from the other, otherwise no negatives at all). My report should be much better next year, especially if I can get those collections removed from the other two reports (they will naturally fall off in early 2018), so hopefully they will all be in the 700s by then.
I have three installment loans (well, 8, since my student loans are divided into 6 loans). One is a personal loan I took out on behalf of my mother and stepfather while they were getting a mortgage themselves (I did this because they said they'd rather I do this than pay rent). I'm paying this off early: Hopefully December or January, then adding the payment my parents give me to my monthly student loan payoff. The other two amount to $480. I have 5 credit cards (I went on a rewards spree) where minimum payments combine to $135 (I pay them off every month unless I have a 0% promotional rate).
I definitely won't be able to save up for 20% downpayment on ~$200,000, mostly because I won't be able to do that and have enough to purchase furnishings, and the area I'd be able to buy a house in qualifies for USDA loans, so I'm looking at that option.
Edit: I should add I currently make 40K, not including overtime or bonuses (that should put me up to 46K, but I'm not including those). I'm looking to move up to around 55-60 base.
