With that income and the minimum payments on the credit card you should be able to get pre-approved as long as your credit score meets the minimum requirement for the loan program you are using. We also look at the other debt on your report as well such as car loans, student loans, etc.
The first step is to apply for a pre-approval which you can do by giving us a call at 302-703-0727 or online at http://www.PRMIDelaware.com/loanapplication
There are 4 loan programs to pick from which are VA Loan, USDA Loan, FHA Loan, and Conventional Loan. If you have challenged credit then the FHA loan is going to be the best one for you as it will allow down to a 580 credit score with only 3.5% down payment and below a 580 with 10% down. Not all lenders follow this guideline as most want a 640 minimum score no matter what. Primary Residential Mortgage is one of the few banks that follow FHA guidelines and will lend below 640 score down to a 500.
John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.