First time mortgage - chances of getting approved? no down payment?

ok so i have a few questions. my husband and i are looking into buying our own home, after ive been renting for 3 yrs, hes been renting for 2. we have an opportunity to buy a great house from a friend private sale at a great deal. they're selling it for $140,000 which is below the appraisal because they got a... show more ok so i have a few questions. my husband and i are looking into buying our own home, after ive been renting for 3 yrs, hes been renting for 2. we have an opportunity to buy a great house from a friend private sale at a great deal. they're selling it for $140,000 which is below the appraisal because they got a good deal on the place when they purchased it, so they want to pass those savings onto someone else. how GOOD does your credit have to be to get approved for a mortgage? my husband has had a credit card for a year now and we've only missed one payment. however, he's had a few bills in his name that we always pay off but not always by the due date. will that ruin our chances of getting approved? also, whats this no down payment business? is it a scam and do you pay interest out of your a s s? lol we dont really have anything saved, but could come up with maybe about $2000 for a downpayment. is that even CLOSE to enough? im new at this, so im learning as i go.
Update: also, if say they want the closing date to be jan. 1st, do we have til then to come up with a 5% downpayment, or would we need to have it right away? for exazmple, if we knew we would get approved for the mortgage as long as we had a 5% downpayment, could we take some time to save it up (over say, 4 months) and... show more also, if say they want the closing date to be jan. 1st, do we have til then to come up with a 5% downpayment, or would we need to have it right away? for exazmple, if we knew we would get approved for the mortgage as long as we had a 5% downpayment, could we take some time to save it up (over say, 4 months) and then get the mortgage, all the while have them knowing we're buying the house? they're family friends, private sale.
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