Do I even have a chance?

[notapainter]

Credit.  Ranges from 660-680 depending on where you're looking. 1 paid medical charge off  in 2012 which I can explain in an LOE since I never got the bill due to moving. 5 credit cards, 100% on time payments, high utiliation (80%), $4,000 in debt. No car loans, student loans, or any other type of credit. 8 hard inquires. 1.25 yrs average life of credit.

Income. Gross $32,000 Source of income. Full time employment, 2 years.

Monthly debt payments.  $380 Rent, $145 min credit payments

Assets/Reserves.  $3,000 in savings, $3,000 in retirement/investments accounts. Only $3500 total is usable toward the house.

Property.  Condo or townhome ranging from $60,000 to $110,000 is what I'm looking for and it's completely doable in GA.

Occupancy.  Primary residence

Transaction Type.  First Time Homebuyer Purchase.

I'm going through NACA and trying my credit union whom I have had a good relationship with as far as no overdrafts and such. What do you guys think? Anything else you need to know to help answer my question?

[ShanetheMortgageMan]

Your debt to income ratio looks fine to qualify for a sales price in that range. 

Keep in mind for conventional 5% down is the minimum standard down payment requirement, whereas for FHA financing just 3.5% is required.  So on the upper end of your range you may have to consider FHA.  NACA obviously is 100% financing so if you are patient and can wait through their process then no problems with the amount of money you have down there.

The collection shouldn't be an issue for NACA, FHA financing, or just regular conventional financing... however sometimes credit unions can be a little pickier on credit so if they have an issue with it I wouldn't lose hope, as you should definitely have other options.

One thing to keep in mind with a condo is that for FHA financing they must be an approved condominium (you can check on the https://entp.hud.gov/idapp/html/condlook.cfm website).  For conventional financing there isn't an approved "list", but condominiums have to be considered "warrantable" otherwise 20% down or more is needed.  A condominium is considered warrantable when the project itself meets a variety of guidelines pertaining to % of delinquent HOA dues, completeness of the project, and a bunch of other factors.  I am not sure what NACA's guidelines are regarding condominiums, but I suspect they may also want them to meet standard warrantability guidelines.

Also townhomes describe the look & feel of a property (attached on one or both sides, usually 2 stories or higher).  Townhomes may be classified as condominiums or they may not be, it just depends on how the property was established.  A good real estate agent should be able to figure that out for you so you can determine what type of financing options you could have on them.

[notapainter]

Thanks! NACA says I'm fine just need to do the payment shock for 3 months to qualify. But, my lease is running out and I wanted to see if regular financing is even option.  I have an appointment Tuesday, so fingers crossed! Thanks again.