With a credit score around 580 range can we get a mortgage for a $400k house?Our annual income is over $85k now, but due to new position, annual income in the next 6 -12 months will be over $160K. We are renting now. Should we wait to attempt to get a mortgage via NACA or traditional lender now or wait a year? We only have car loans. Debt to income ratio is favorable. Target home price is about $400k. Q2: Would it be better to buy a small ~$200 townhouse now and then buy the larger home that we really want in like 3-4 years?December 27 2013 - Orlando00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.