I always write about the four pillars of lending (CCIA):
Credit: Yes, 700 will get you any loan you want, which is available;
Collateral: Just means the home you want to buy has an appraised value equal to the purchase price;
Income: There are no more Stated Income or No Doc loans in the US these days. This means you will need to find a job and, at least, get your first pay stub in order to close the deal. You can start looking, and we can even begin the loan process before you get your first pay check, but we could not close until that piece of paper is in hand.
There are exceptions to this rule, if you are in a profession where the employer will basically GUARANTEE you will have a job (hospitals, CPA firms and Law firms are some examples of professions which will issue employment contract letters).
Assets: Assuming you are buying a "reasonably" priced home, $700K surely will qualify you in this arena.
Give me a shout, and we can discuss this further. March is just around the corner...great time to be coming back to the Valley of the Sun. Where are you coming from?