You really need a good loan officer to look "At Detail" at all your income, expenses and debt in order to do justice to your question. You can work with a loan officer at the place you are already banking or send an email to me and I can give you a referral.
You would submit that letter with any offer to buy a property. Without a pre-approval letter from a mortgage broker it is unlikely that any offer you made on any property would be accepted.
If you would like some referrals to a few mortgage brokers and lenders feel free to send me a private email.
The first thing I would do is to talk to a lender & see what we need to do to do credit repair for you,that would be you best bet ,or you can find a lease to own property .That way as you rent you can work on your credit repair . Good Luck !
The Real Estate Group
Student loans are one of the worst things to default on.
How bad is your credit? If your Middle FICO score is below 620 there is very little chance of you securing a mortgage loans with any kind of reasonable terms.
I suggest you consult a mortgage consultant at a "DIRECT LENDER", and get advice on how you can improve your FICO scores, before you try applying for a mortgage loan.
Best of Luck to You!
Kawain Payne, Realtor
Seriously, with bad credit you will not be able to take advantage of low interest rates..Why not start your home ownership career on solid financial footing?
See a mortgage broker, but take the time and painful steps of paying back what you already owe before incumbering yourself with another debt.
Once you have a pre-approval and know exact amout - then it is best to contact a professional and licensee realtor who will be able to find a good property for you withing your Budget.
Hopethisinfo will help you!
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It is unlikely you will be able to purchase the deal you mention, as it will likely be gone by the time you have any loan commitment.
Coast to Coast Credit Services, Inc
Toll Free: 1-888-292-2525 ext. 323
Local: 972-398-9090 ext. 323
100% Legal & Professional Credit Repair!
For your protection, we are 100% BONDED and REGISTERED
with the SECRETARY of STATE.
Do not assume that because it is priced that it is either WORTH $250 or that you can buy it for $250!!!
After you get your Loan set-up; have your Realtor do a CMA to determine the Market Value. You will want to ignore what the Seller is asking.