What are the steps in buying a new house? (Fresh out of college!)?

Straight out of college and relocating to NC. Annual salary in the $60%26#039;s.

My credit has issues from some time ago (about $2K), along with open tax debt to the IRS (%26lt;$1K) though I have no credit cards or associated debt or school loans.

How do you determine housing price ranges?

How do you overcome %26quot;not-so-great%26quot; credit?

What about %26quot;buying%26quot; points?

What are the steps in buying a new house? (Fresh out of college!)?

Your debt to income and the loan amount vs. the interest rate determines what you can afford. Basic projection is your total monthly debt payment cannot exceed more than 50% of your gross monthly income.

You do not need to worry about the time on the job issue as long as you are employed in a related field to what you studied in college. The contract for your new employment will suffice.

Depending on your credit and how bad it actually is will also determine what LTV (loan to value) you qualify for. You can expect to pay off any outstanding judgement you have, but your other collections more than 24 months old can be ignored with many lenders.

There are literally thousands of loan programs you probably qualify for and speaking to a Loan officer and having them reveiw your credit is the best initial step to take.

What are the steps in buying a new house? (Fresh out of college!)?

ask your lender to do a profile for you. This will tell you what you need to do to repair your credit, how much you can borrow, and if you need to buy points. It may not be as bad as you think. Also, ask for first time homebuyers programs. Most lenders will require you have at least 1 year job history but you might be able to get around that if you have a job commitment letter.

What are the steps in buying a new house? (Fresh out of college!)?

First thing ANYONE will look at is your credit report. Pure and simple.

If you are serious about buying, a creditor will ask you to explain every little detail of your past credit problems to them and it can be very embarassing.

Get that straightened out first. Then talk to a realtor and look at many, many properties. Search the web on what the state inspector requires for NC for a person to be certified. I say that so you can be on the look out for things when you%26#039;re viewing a property - roof issues, termites, insects, overhanging trees (which could be dangerous to your home), electrical upgrades, equipment upgrades, flooring, walls and how to spot home-made repairs.

I learned a ton of information just by following several of my home inspectors around. Very very informative.

With the advancement of the WWW, you can research just about any nightmare a homeowner has had.

When it comes to financing, go to the forums @ www.richdad.com. That forum site is absolutely FILLED with investors who give free advice (most don%26#039;t try to buy or sell - they just give advice). Look at the different ways you can creatively finance your home. There are a 1000 different ways. I usually walk away from a buy with money coming back to me from the seller (usually, it%26#039;s the other way around for conventional financing.)