The minimum requirements to purchase a home going FHA are 640 FICO and a relatively clean 1 year look back. The exception to the FICO requirement is with Wells Fargo retail that is allowing a 620FICO. There are many ways to quickly improve your credit scores as well. There is a function called a rapid re-score that allows you to either correct or pay down certain things which will in turn raise your FICO. I am an agent with Remax however I also own a mortgage company as well. I work with folks all the time that are in similar situations. Hope that helps a little.
Regards, Tom 817-690-9296
Best confer with mortgage broker raise your scores . It is the mid score taken inconsideration for mortgage approval.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If I were a mortgage broker I would scoop you up right now. Don't see a problem in you getting a loan. I have 2 excellent mortgage brokers that could help you. Email me and I will give you their contact information. Do you have an agent helping you find the right home....if not....I would love to help.
The fact that you have 20% to put down answers a couple of other questions.
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I wouldn't see why not since you have 20% to put down and your debt-free. I would contact a loan officer to get pre-approved. You can start with your local bank or the bank that you bank with. I always suggest to buyers to compare at least 3 lenders on what they charge for interest rate, APR, and closing costs. Every lender is different and charge different lender fees. I would also suggest to work with a Realtor on assisting you with purchasing your new home once you are pre-approved. I would be more than happy to assist if you aren't already working with an agent.
I wish you the best of luck and hopefully I will hear from you soon!
Make it a Blessed Day!
Tamika Turner Goree
Keller Williams Realty
Cell: (972) 697-1178
Fax: (682) 222-1049
Feel free to contact me and I can give you further details. 512-796-7738