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Is there a chance of receiving a mortgage in Durham, NC with less than perfect credit?

My Score = ~620 (credit karma)

My Girlfriend = ~675 (credit karma)

I was wild in my younger days!  I had a vehicle reposessed in 06 or 07, and I just found out about a ~$250 judgement for vehicle personal prop. taxes from 2007 in VA.  There was also a cell phone bill and credit card bill that went into collections around the same time.  

Another major problem is that I haven't really had any credit for the last 6-7 years.

Next problem is my employment history is starting over as well.  I have been working as an Executive Asst. in an apprenticeship type situation at TROSA for the last 3 years.  I have just been offered a job with a newly formed Venture Capital/Intermediary firm making 38+ benefits.  My girlfriend makes 20-25k/yr but she has the same employment history issue.   

Combined household income is roughly 60k/yr.  We both own our cars and have no additional credit at this point.  If I forgot to mention we are looking to apply together.

Is there any hope for us?  Renting is such a money pit and we would love to start our lives in a new home.  I have found several nice homes in the 100k - 125k region. 

Any information would be greatly appreciated! 

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June 01 2013 - Durham
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I think you can apply for a home loan right where you are, and as mentioned before, your FICO scores might be different than the ones you pulled. I would get started right away!
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July 19 2013
Original Poster,

Let's make one thing clear, your Credit Karma score, which is actually a TransRisk Score, is not used by any lending institutions. Their credit score may be 5-120 points off your actual FICO score. So before you start looking for a house, researching rates and available lending programs, go speak with a loan officer who can check your actual FICO scores and tell you what you're qualified for.
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July 19 2013
You may be closer than you think to being able to purchase a home.  There are several first time home buyer programs that allow for past mistakes. Based on info you've provided, with a little planning, it appears that you should be able to purchase a home in a short time frame.  
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July 19 2013
First, get the  judgment taken care of by either paying it off or setting up a payment plan.  Next, talk to a lending professional IN PERSON.  Don't be discouraged with the news, go in with a open mind and think about where you want to be in a year.
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July 18 2013
 
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