Good question! Starkey Mortgage can handle a loan with a credit of 578 when certain conditions are met. For instance, you need to be paying a regular rental check on time for at least 1 year. There were other stipulations to their lending. With your income and large down payment, one is inclined to think that you could get a mortgage on a house depending on the area. I would guess that the amount of short sales and foreclosures that were in the area that you were interested in purchasing may affect your loan as well. Truly, your question is best answered by a skilled lender. It is not just about buying the house; it is about maintaining and keeping the house as well.
Best of luck,
Robin Faison, broker