Yes it is possible.
I worked exclusively with home buyers for 34 years and I have seen hundreds of situations when the people gathered information, established what needed to be accomplished, set a time line and accomplished their goal much sooner than anyone predicted.
One issue that continually occurred was when people consulted an experienced loan officer about their credit and found the credit was better then they thought. Many silly little things like the reporting agencies not dropping off a negative when they should have or the agency could not properly support an issue and so had to remove it.
Once you are sure what the credit is and if it is not good enough the loan officer can help you establish a plan that will improve the credit and often predict when that will be so you are able to start the search and purchase process sooner.
A couple of articles that will serve you well on Your Road Home.com. Article #5 and #5A about credit and #16 Consultation Interviewing Loan Officers. You also find the supporting articles helpful. The articles are numbered and if you read them in the numbered order you will become one savvy home buyer. So gather up all of the objective information you can find.
Trulia is also a good source of information and when you are ready to interview loan officers and real estate agents you will find them from your area offering their services on Trulia.
Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers... more
Unfortunately no. FHA requires a minimum of 640. If you're wanting to buy a home, I presume you're also trying to save money for a down payment? Use that money to pay down or pay off your debt and bring that credit score up.... more
If you are working with a Realtor you might have them run a price history for the area for sales 2,3 and 4 years ago, this will give you an idea of any trends. With the current market situation it is impossible to predict what will happen in 3-5 years but the odds are you would be buying at close to the bottom of the market so would probably be alright.
If you are not working with an agent I would like to suggest you interview 2-3 Realtors and pick one that you feel comfortable with. At this time I don't know if I can help or not but would be glad to listen to your plans and let you know my thoughts, when we're done talking you'll have four options, 1) do nothing 2)do it on your own 3) work with a traditional agent 4) work with me.............whatever you choose to do is right for you.... more
You need to give us a link to whatever home you are interested in. However, there are LOTS of decent homes at very reasonable prices all over this country right now, so find an agent ready to help you and start visiting some in person.
I also tell my new clients to make a list of Must Haves, Must NOT Haves and Would Like to Have, but if not, its not a deal-breaker. That will help the agent save you time and gas money seeing things that don't really interest or appeal to you. Finally, are you pre-qualified for a certain $ amount to buy? It does no good if you or the agent finds the best home in the whole world, if you aren't able to buy it, so find a banker or a mortgage broker and in about 30min or less conversation on the phone, they can tell y ou a dollar amount that you could qualify for on a loan.
I wish you lived closer to me, I would be happy to help!