Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Most Lenders require a minimum credit score of 640 in the current market, although some Lenders will go below this down to 620 scores. Your Local Mortgage Banker is the best person to provide you with a clear, concise answer to your question.
There's certainly a right way and a wrong way to go about buying a home - thankfully, you are asking the right questions. Truth is, only you can supply the information to obtain the answers to what you are asking.
You see, when it comes to "financial vetting" there are different levels of quality. For example, there are key differences between a "Pre-Qualification", "Pre-Approval" and what I call a "True Pre-Approval", which you should seek, as described here: http://www.Steven-Anthony.com/GettingStarted
In regards to where I would suggest you obtain your "True Pre-Approval": While there are occasional exceptions in service level; I would recommend avoiding the Retail banks (Wells, BofA, Chase, etc.) for your True Pre-Approval. Here's why: "Retail Banks vs. Mortgage Broker/Bankers" http://tinyurl.com/6qln6nd
Hope that helps.
Jo Souza, Realtor
If you would like you can call this number (559) 917-4180 and ask for John. This is a gentlemen that I trust when it comes to helping my clients get prequal before looking for a home.
If you n\have any real estate needs or questions you can call me any time
My name is Michael and I work for RE/MAX here in Fresno/Clovis Area.
(559) 472-5120 is my number. Call me anytime.
Have a good day