My name is Frank, Loan Officer with Greatland Mortgage Corp in Fresno. I like Alejandro's response. I were in your situation, I would get an approval before putting an offer. Please fee free to call me so that we can go over your specific situation.
I can be reached at (559) 977-7238 cell phone. The office number is (559) 244-4250.
Good luck to both of you.
look into city programs that may help you!
There are many things you can do to repair your credit. It's good you have saved some money but getting your credit scores up is also just as important as having a down payment.
Talk to a loan officer who can guide you and get you ready for home ownership.
You don't want to be like the thousands who are loosing thier homes currently.
If your looking at a foreclosure other things that may effect the ability to purchase the property is the condition of the property. Foreclosures are almost always purchased in an as is condition. Thus the home owner stopped repairing items when they started their default and you will need the funds to fix thus items when you purchase the home.
First Weber Group
Certifed Distressed Property Expert
Your really need to go speak to a leader for the answer. It does depend on your credit scores but it also depends on the debt to income ratio. The great thing about speaking to a lender(and you will be able to find one to give you advise at no charge), is that they can tell you exactly where you stand. In addition, if you are not in the position to buy... they can give you great advise to get yourself in the position the buy.
Best of Luck
Lorrie Feld, ABR,GRI
Keller Williams Integrity First