Working on your credit...CONGRATULATIONS! If you will contact me I hope to give you some pointers to help you. I am not a loan officer or credit restorer....I am a REALTOR. I would like to help you with your search for a home. Do you have your eye on a particular property or just on the bottom line. Call me (281) 799-4002 or email me at --- KHamid@RealmAgents.com --- and we can discuss some scenarios. If you are thinking of FHA those requirements will be changing about November 2010 or are you eligible for VA. Don't know for sure if the tax credit is going to get extended or be cutoff tomorrow. We'll see what happens. There are a lot of people that help you purchase a home and I will guide you through the process. YES, some loan officers don't do loans under $100K because they do the same amount of work for a lot less money, however, loyalty pays off...so call me and I'll explain. Let's visit about what you want and need. Getting started now will make it a lot easier when you are ready to purchase that first home. Looking forward to working with you, Kathleen (281) 799-4002
Are you working with a Realtor already? It sounds like you are since you are moving into a lease/purchase home. Your Realtor should have some lenders that they work with. They can tell you if you will qualify based on your credit score and outstanding debt. If you do not have a Realtor, get one. It's for your benefit to have a Realtor negotiate the terms of the lease and the purchase.
You should speak with a mortgage broker or lender in your area. I am also a mortgage broker but you will best be served by speaking with a local bank.. My lenders typically have a minimum loan amount of $50,000 but there are some who will do less. Go speak with a good FHA lender and see what your options are.
There is a good chance you can do this but you need to have somebody look at your whole financial and credit picture to do so. Good luck on your purchase!