Yes you can. The other major factor is your debt to income ratio. Can you afford a mortgage on top of your possible car loan, student loans, credit card bills, etc? You definitely want a mortgage professional to take a look at your credit report and determine your current financial situation. Contact me if you have any other questions.
Your participation on Trulia convinces me you know what your doing. The big 5 banks need to exit
the mortgage business and return mortgage origionation to the local banks. I too have had conversations with former Countrywide and Bank of America loan officers. We could fill pages here on those discussions. Do you remember when "Savings and Loans" pretty much did all the loan origination?? That's the way it should be.
There are a few things that will affect what you will be approved for your debt to income, you salary, & your credit score.
The best thing to do is talk to a lender to find out if you are pre approved and for what amount.
There are also many programs and grants that you can apply for in order to save money on closing costs.
I can recommend some lenders if you do not have one.
Style House Realty
Advance Realty Timonium
My Blog: http://www.baltimorerealty.blogspot.com
1st Mariner Mortgage
It is best to speak with a lender BEFORE you do anything. Some things you think will help (like paying off collections) may actually hurt your score rather than help it!
Bridget "Maryland Mortgage Mama" McGee
CrossCountry Mortgage, Inc.
PS- there are many incentives to being a first time home buyer in this state
I would more than glad to sit down with you and explain to you step-by-step what it takes to purchase a home in this market. Please contact me at your earliest convenience.
I am here to assist buyers like you! Email me, text me or call me.
Jackie Ovad, REALTORÂ®
Prudential Homesale YWGC Realty
My website: http://www.jackieovad.com
The answer to your question is, it depends. You really need to talk with a national lender that does mortgage lending for folks with less than a 660 credit score. It depends on whether you have had any late payments over the last year, if you have any judgements or liens on your credit. Do you have down payment or do you need some assistance? There are many factors at play. I would be happy to refer you to a lender than can help you straighten out the maize of the mortgage lending industry and then assist you in the purchase of a home for you.
Century 21 New Millennium
Long and Foster Real Estate,Inc.
Edith L. Chandler
But........there are factors that may or may not allow you to purchase a home. It is best to find a good lender, someone who specializes with first-time home buyers and move forward from there. Keep in mind that you credit score is only part of the equation. Also, if you get the right lender, he/she may assist you in bringing your score up even more. Your credit score is going to have an influence on your interest rate among other things.
Hope that helps.