Do I have a shot of approval for my first mortgage during this credit crunch?

FICA score around 600 (I've been working to repair it)


2 1/2 years steady employment at the same job.


I'm only looking for a starter condo in my area.


I can come up with a few grand for a down payment.


My Mortgage Broker says I've got a shot, but that was before the economy took a dump!


I could stay in the places I'm looking at for a few years comfortably.





Should I even bother filling out the application?


Do I have a shot of approval for my first mortgage during this credit crunch?
Actually, you do, but wait a few months. The government bailout plans include help for home buyers with less-than-erpfect credit records. Right now, mortgage lenders are being very strict, but that should ease up once the government plans get into place. I'd say wait until after the holidays, which gives you that much more time to save and build up the downpayment and reinforce your credit (by continuing to pay bills on time, continuing to pay down debt), and housing prices should be even better in a few months.Do I have a shot of approval for my first mortgage during this credit crunch?
The market is on the down hill, the price of houses 's dropping, houses will become cheaper and cheaper. If I were you, I would wait for a while, and...you only have a couple grands for a down payment? Doesn't look enough to me. If it doesn't cost anything to send our the application, why not give it a try?