You sound like a qualified buyer but you will only know for sure if you sit down with a mortgage professional and get approved for a loan. Find an experienced local Realtor who likes to work with first time buyers and get busy. Ask your friends or relatives or co-workers to recommend someone that they trust. Donâ€™t procrastinate! Donâ€™t lose out on the free money that your government is offering to you for buying a houseâ€¦assuming that you qualify for the tax credit.
Copy of Drivers license
Copy of Social Card
Copy of Your last two Paycheck stubs
Copy of your last two years Tax returns (All pages)
Copy of your last two years W2'S
Copy of last Mortgage statement (if applicable)
Copy of Current insurance policy or name and phone number for the agent
Copy of your last two bank statements all pages
Copy of your last retirement statement
you can also go to http://www.2ndOpinionHomeLoans.com to get a fast free 2nd Opinion
You have excellent credit scores. A decent amount down. As long as your income is enough to buy a house in your area you should be able to buy something. FHA loans require 3.5% down. V.A. loans (veteran only) and USDA loans (may or may not be available until fall due to money from congress) are 0% down.
I would talk to a local lender like at a bank or credit union and ask them. I bet you will easily qualify for a loan. It is possible. Just be aware that buying to get the free (up to) $8k means 4-30-2010 is the last signing date to buy. If you wait until after that date I would expect less competition. You may even see prices going much higher as people all try to get the free money before it goes away. May will be a much more sane buying market.