The smart money enters the field when the flames are leaping from the windows and people are running in in the streets weeping in terror at rumors of cannibalism. I know, sounds a lot like Worcester any day but the reckoning after 25 years of abandonment of underwriting quality is yet to come my friend. Plan on buying whole condo complexes. Those opportunities will appear and you have to be ready. Added bonus: if things really go sour long-term and we're in a Mad Max scenario, a whole complex is easier to organize to plan for common defense.
Stay agile, stay in cash and know that the day when Realtors will just be things we cook for meat stock will soon be here.
pre-qual was not based on proof of income and you really don't qualify for the home. Not only will you feel cheated, you will compare every home to the one you couldn't buy.
A mortgage brokerage will have more programs than a bank. I also find that they are more accessible than the loan officers in a bank. I have two people I recommend. If I have question at 8:00 p.m. or on weekends, they either pick up the call or get right back to me. You will not get that from an employee at a bank. Shop around like you would if you were buying a car. You want the best program and rate that meets your financial needs. You may be paying for your home for 30 years.
I hope this helps.
It's hard to put a number on the wage and credit requirements ... again, it depends on how much you plan to borrow vs put in a down payment ... however, it's good to keep in mind that the bank is going to want to look at your overall debt to income ratio not to exceed 38% I think (this may have changed, but since that is really pushing your debt burden ... that's for you to decide).l. Do you owe money elsewhere? What regular payments do you currently make on a regular basis? Do you have credit cards? What are the taxes and insurance that you expect to pay?
These days ... when one has a credit score exceeding 760 ... chances are, a conventional loan should be pretty straightforward ... credit scores lower than that will need to really consult your mortgage consultant to look at all the other aspects of your financial situation.
Best of luck!