re: Homebuying...fresh out of college

I am in Houston and still ton of foreclosures going on so I would tell you as others did to rent (6 month lease) and get to know the area and what you are looking for - more importantly what you can afford. I don't think you need to rush into a house by any means and expect the home credit to be extended in some form. Location will play a role in how much home you can buy of course - in Houston the closer you want to Downtown the more you will pay for less space.

Once you get your position you can see what your take home pay is and from there establish how much home you can actually afford. Biggest mistake I see young people make is they buy to much home and therefore you become "house broke" Think of your first house as a starter and you can always upgrade down the road when you need the space.

Also, you can just goole mortage calculator and they will give you a good idea of how much a mortgage payment would be (most won't take into account home ins./property tax/homeowners dues

A loan officer/mortgage guy could also help you with this. I have used a guy in Houston to help my clients get a quick jump in credit to get ready for a home (credit analyst) - they might be something you need to look into

Good Luck