Good luck to you!
If your making $5K a month , paying off some bills would be a great idea to help boost your scores.
There are many great lenders who do have programs that can do loans with a 600 score*
* YES there are some reservations.
Good question! Starkey Mortgage can handle a loan with a credit of 578 when certain conditions are met. For instance, you need to be paying a regular rental check on time for at least 1 year. There were other stipulations to their lending. With your income and large down payment, one is inclined to think that you could get a mortgage on a house depending on the area. I would guess that the amount of short sales and foreclosures that were in the area that you were interested in purchasing may affect your loan as well. Truly, your question is best answered by a skilled lender. It is not just about buying the house; it is about maintaining and keeping the house as well.
Best of luck,
Robin Faison, broker
There are also other programs that are not credit score driven, require zero/little money down and the seller may pay for closing costs.
I won't know what you qualify for until you contact me. So please do! :)
Hines & Associates Realty
If you meet the criterion in the Trulia Blog link below, you should be able to qualify for a loan. Our clients with 580+ middle credit scores are getting FHA approved loans at 3.5% down payment . Below that, a 10% down payment is usually required. With your income, you should be able to easily purchase your $100k home Here are some examples of high value homes within about 15 miles of uptown Charlotte http://goo.gl/zRK8A If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
I recommend a local mortgage banking company for folks that are unsure about the qualifications for a loan. The benefit of a Mortgage Bank is more flexibility in the underwriting process of your loan, were they tend to consider more variables other than just your credit score in determining loan qualifications. Please feel free to contact me to discuss your needs, and what may fit you best in your home buying search!
Best of Luck!