Chances of being approved for mortgage?

My credit score is 667 and my husband’s is 687 and we make approximately $ 25,000/year. (I’m a full time student but am graduating in 2010). We looking to buy a house in foreclosure in Indiana for approximately $ 40,000-$ 60,000. What are the chances we’d be approved for a mortgage based on our Fico scores and income?

Due to our low income, if approved for a mortgage, we would qualify for down payment assistance and an interest free loan up to 20% of the home cost, as well as the tax credit on next year’s taxes so we’re hoping we have a shot at getting approved.

By the way, we have found several houses in this price range that we’re interested in.
My husband has a $ 1000 student loan and he only has to pay $ 50/month but we do pay more most of the time.

I have a $ 2500 credit card balance and we pay around $ 125/month to pay it down even though the minimum is $ 75.

In Indiana, down payment assistance IS available for low income homebuyers.

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