Hello all,
First off, I want to thank the regular contributers of this forum for the wealth of information they've provided. I have learned quite a bit perusing previous posts. You all provide a huge service to us novices.
I'll go ahead and get the major irregularity out of the way: I'm currently a college undergraduate, nearing a December graduation date. I will not seek pre-qualification until I've accepted an offer of employment, but that may be imminent (within the next 2 weeks). If I qualify for a mortgage, I would like to close on a house sometime in early 2013. That being said, here's the relevant info as directed by "Info needed" sticky:
1. Credit: The middle score was Equifax, 675.
Negatives: I have 2 medical collections totaling $200. I actuatlly wasn't aware of this until I checked my credit scores. Based on information I've gathered from these forums, I should be able to have these removed with a positive impact on my credit through "paying in full" and good will letter-writing. I would appreciate comfirmation of this, if anyone has a good grasp of the process.
2. Income: I currently have 3 hard offers of employment, all from companies in areas of the state with which I'm very familiar. The offers are in the range $60-68k. One of the offers is from a company that I've worked with while in college, for the last 3 years. All offers are in my field of study.
3. Source of income: Employment
4. Monthly debt payments: None, and no student loans.
5. Employment: See "Income" above. All offers are for full time. I'm currently part time in my field of study.
6. Assets/Reserves: Approx. $13,000. This does not include my emergency fund, which amounts to roughly 4 months' expenses.
7. Location: Upstate South Carolina.
8. Property: I would be looking at a single family home in "ready to move in" condition.
9. Value: The range of home value I'm comfortable with is between 50-75k. This range is based on list prices gathered from online listings. Based on rudimentary mortgage calculators, I realize that if I waited a year or so into employment, I might qualify for a higher range. But I suspect my needs will change in the next decade, and given my circumstances, I don't feel that I need anything beyond the specified range. Since I expect to remain in the same area, I would rather build equity than pay rent.
10. Occupancy: Primary residence.
11. Transaction type: Purchase.
If I qualify, I'm interested in a 15 year fixed rate with no prepayment penalty. I would also like to deal with local lenders, but I'm concerned they will be reluctant to discuss pre-qualification with me given my circumstances. Any information, help, or instruction you could supply would be greatly appreciated. I thank you all in advance for any responses, and you have my gratitude for reading my post.
