You also need to be sure your income greatly exceeds your expenses.
All in all, talk with your lender and figure out a game plan to get you qualified!
I am a Senior Loan Officer for a local lender in Fairfax, VA. There are many factors that go into a pre-approval, but I would be happy to take a look for you. At this point, the best thing you can do is get free advice on how to build your credit score. I can provide that via a "credit analyzer". This is free of charge to you and will help you get on the right track. Feel free to reach out to me when it is convenient for you.
Zac Dennehy, NMLS #1045494
Senior Loan Officer
MVB Mortgage, NMLS #181319
11325 Random Hills Rd, Suite 100
Fairfax, VA 22030
You will need to talk to a lender to see what they can qualify you for. Talking to more than one lender might be good as different lenders have different projects to offer.
There are no homes (even condos), esp in 22201, that are between $150k-$250k for sale. You might be able to find a condo for $250k in Arlington, but finding a house at that price will be almost impossible.
Th best answer is to take the plunge and see if you qualify.
Most lenders look for at least a 620 credit score - do you have that? If not, still talking to a lender who knows about credit repair and low scores, might help you.
Bear in mind, that just having a low credit score isn't the whole picture.
Lenders look at the following:
Debts - debts include additional mortgages, equity lines of credit, car loans, credit card debts, child alimony payments, school loans, etc.
If you are behind on payments, have filed bancrupcy, had a foreclosure or shortsale in the last five years, or are being persued by creditors, then your credit will be affected. Having one of the above debts too, will count against your qualification amount too.
All these things are important when applying for a loan.
Please feel free to reach out to me - and I will put you in touch with a few lenders that might be able to assist. I always recommend talking to at least THREE lenders when buying a house. Shopping around is the best way to find the best rates too....
Our contact info is below. Good luck with your credit troubles - let us know if you need help buying a house - we'll be available when you need us.
Chris & Shris Dudley - Realtors
Chris Cell: (202) 297-3047
Shristhi Cell: (301) 655-1521
Chris Email: ChrisDudley@LNF.com
Shris Email: Shristhi.Dudley@LNF.com
Informational Website: http://www.DudleyRealtor.com
Zillow Website for Searches: http://www.DudleyRealtors.com
Licensed in VA, MD & DC
L & F Tysons Corner Office
8227 Old Courthouse Road, Suite 100, Vienna, VA 22182
Office Phone: (703) 556-8600
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Over $1.21 BILLION Sold in 2013
4650 East West Highway, Bethesda, MD 20814
Office Phone: (301) 907-7600
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