How are you? Congratulations on your decision to become a home owner!
Based on your income your options will be somewhat limited but it's certainly not impossible depending on how much of a down payment you can afford as well as what the circumstances are surrounding why your score is low. For starters, I would recommend checking out this loan estimator tool http://www.ginniemae.gov/2_prequal/le_intro_questions.asp?Se to see how much you can actually afford. You can navigate through the site to find other resources for moderate income lenders as well as housing options. I wish you the best in your quest to buy a new home :-)
Licensed Real Estate Salesperson
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
My name is Coffy Bailey and I am a agent with Exit Realty Power. I would be more than happy to assist you in purchasing a home. Please feel free to contact me at your earliest convienace and I will be glad to assist you as I have mortgage people that will be glad to discuss what you can be preapproved for based on credit score, income and down payment to name a few.
Exit Realty Power
You make no mention of your liquid assets and based on the way you asked your question, I might think you've not spoken with a Mortgage professional yet. A Mortgage pro could help you with your question most directly and you should start there. You also make no mention of your debt. In short, you need to see a Mortgage pro either in the Bank you do your Banking with or by referral from someone you know who may have recently purchased. Good luck.
1.) pay off your current debt slowly and steadily
2.) use your credit slightly always keep 75-80% of your credit limit unused
3.) Avoid inquiries if possible this can lower your score as well
4.) Contact a credit repair center for assistance. They are very helpful
Good Luck Clione
1456 First Avenue | New York, NY 10021
P 212.774.3800 | Cell 917.435.6611