Should I wait to pre-qualify for loan?

Question : Should I wait to pre-qualify for loan?

I am getting ready to begin applying for mortgages, possibly an FHA loan. As of yesterday, I paid about 1k towards credit cards to bring my balances on all cards below 10%. I believe I should not completely pay them off. Also, as of yesterday, I was told I will be getting a 5k raise at my job, which will probably begin end of this month. My question- Should I wait for the credit cards to report my latest balances and/or my new salary to show up on my report before filling out a prequalification form for a mortgage? My credit cards balances weren't really high before, Ill say just under 50%. Again, this is for prequalification, not pre-approval, so I guess the bank will recheck my credit later when the time comes. As for my salary, this is my first home, and I think Ill live well below my means, so if the increase in salary will only help with the loan amount, I can do without that. I am just so impatient and want to get this process started. Pls provide me you advice. Thanks!

kham83

How do you buy condemned homes?

Question : How do you buy condemned homes?

I'm not interested in the courthouse auctions of foreclosed homes, i dont have that kind of cash/credit for mortgages. A buddy told me that some condemned homes simply dont go up on the auction block because they are too cheap. an example is, i live in pennsylvania, near lancaster city, supposedly theres condemned row homes that are listed for 3k(buy price, not auction) these are the types of houses that you gotta sleep in as you remodel because its in a bad area, yet you will have no problem selling it for about 30k when its finished, rehab is supposedly about 10-15k if totally stripped and condemed (which they usually are).