First thing you need to talk to a lender. Sounds like you know your credit and you have a down payment. Shop around for a lender, make sure you are working with someone you can trust (ask your Realtor also)
Let me know if I can help in anyway,
I just want to commend you for putting your plan together before you buy. Very impressive. I imagine that you have already found a good agent to work with and want to wish you Good Luck with finding just the right place in the Prescott Area.
You are in good shape.
I would be pleased to refer you to a top agent in Prescott that was a former President of the Association of Realtors. Top man that can get everything done that you need.
Also, when bidding on HUD or other bank owned properties, don't rule out a foreclosure property. This is a great time to buy. If you do purchase a foreclosure property, free grant money (up to 22% of the purchase price) is available if you live in the home for periods of 5, 10, or 15 years. This makes inexpensive homes already, even more affordable. The free grant money is available through the state of Arizona. See the link for "Free Grant Money" at: http://www.arizonahomesland.com/forbuyersorrenters.php Check with the Yavapai county office from the link.
Feel free to contact me directly.
Jeff Masich, Realtor®
Arizona Homes and Land
HomeSmart Real Estate