Mortgage Rates/Programs for 1st Time Buyer

[BBYGRL]

I'm looking to purchase a home in 2008 and I was curious what type of loans I will qualify for. As of 10/07 my FICO scores are TU-735, EQ-718, EX-730. The only derogs I have are some 2 year-old lates on a closed PIF Discover Card - I'm waiting for a response to a GW letter on this account. 

[ujocka]

Your question is pretty general. To get quality answers you should try to be more specific. Are you bringing a down payment to the table? If so how much? What price range are you looking in? Is it you purchasing alone, or with a spouse? With those scores you should have plenty of options as long as your DTI ratio and income are sufficient for the price range your are interested in.

[ShanetheMortgageMan]

ujocka asked some great questions... knowing what (or if) you'd qualify will depend on sales price, down payment (if any), debt-to-income ratio (your total monthly expenses, including the new house payment, divided by your total monthly income), and reserves (money/stocks/IRA/401k, etc. in the bank after down payment/closing costs) all play a part in qualifying.  Since you have excellent credit that is a start, but the other info needs to be known.