I've never even thought about buy a house as I'm only 24 and I've just always rented. My lease ends in January, and the rent of the apartments we have been looking at would be somewhere around high 700-800 a month and the more and more I think about it, it is silly just to throw away money like that. January is really close, so I highly doubt we could find a house, get a mortgage, etc.. all in 2 months. I've done very little research as far as the credit side of getting a mortgage as this has never been something I've thought about doing. So here's my scenario.
I've been employed the past 2 years making about $38k a year. I've been full time employed for 3 years now, but with 2 different companies. My Credit scores are down below Equifax 626, Exp 657, and Trans 641. I do have 2 collections that I've been working/waiting on to hit SOL, and as well offer a PFD, but one is an 1800 apartment collection that I have to get fixed to get another apartment anyways, and a 400$ AT&T bill that I should be able to get off my credit report. Both of those are from 2009. I do have one other collection that shows up on one of my other credit reports, but that is settled. I do have a Car which is a 2011, $429 a month, and have about 10k in my 401k. I have no idea about buying houses, so I figured this would be a good place to start.