Low-income, not thrilling credit history, how do you buy a house?

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If you get evicted from your home. Does that breaks the lease.?

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Whats the first step to buying a home after you've found the one that you want.?

do you make an offer before getting pre-approved. if an asking price is $124,000 what offer should I start with..... first time buyer...clueless.
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would it be o.k to ...

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Schools are great and neighbors are the best!...

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What do we do now to purchase a home?

With all that is going on w/ the stock market and home buying, what do you suppose a married couple w/ an credit score of about 530, should do to purchase a home. How much would we need to put down ...

JJ	Low-income, not thrilling credit history, how do you buy a house?

thepoet01

The Fannie Mae Foundation

uncle billy

big down payment

kwsrg

Work on your credit first. There are first time buyer programs but with no so perfect credit its really hard to get financing. Not impossible, but you may not get as good of an interest rate. You don't want an ARM you want a fixed rate loan and that will be hard to obtain with blemished credit. I am in the same boat and I have been advised to work on rebuilding my credit for a while and try later when my credit score improves. Sucks, but that's what I have found in trying to get financing as a first time buyer. Could try to find something that is owner financed also. Good luck

You need to find a mortgage broker that specializes in finding people like you loans. The interest rates will be higher and you will have more closing costs but the products are out there. If you have a down payment of at least 10% it will be easier for you.

newmexicorealestateforms

Lots of assistance out there. I'm not including links for assistance in your state since I don't know where you're at but here are just some links from the feds that can help you
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
All government Benefit Programs* http://www.govbenefits.gov/govbenefits_en.portal
For private organization information you might want to try these guys:
Low Income Home Purchase Assistance (Private): http://www.nehemiahcorp.org/
AFFORDABLE HOUSING CONTACT LIST FROM REALTOR.COM US GOVERNMENT AND ALL STATES: http://www.homefair.com/homefair/servlet/ActionServlet?pid=187&art=contlist&cid=homefair
Low income housing assistance (private) Habitat for Humanity: http://www.habitat.org/
USDA Rural Housing programs & eligibility requirements: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
There is a lot more you can research if you want to do a more detailed research on the subject go to http://www.realestateformnm.com/ResearchLink.html
Buena Suerte

tumbleweed1954

I think the US Department of Agriculture has something called the 'Rural Housing Administration'. A couple of my friends were able to get a house through them based on their low income.

cptv8ing

Depends on what you consider low income and not thrilling credit. A lot of people think their credit is worse than it is. The low income isn't so much a factor as the stableness of the income. How long you have worked, etc, because a loan amount would be dependent on your income and so it would be tailored to fit so to speak. You can always try owner finance or rent to own, lease options, which after a year or two you could apply for a refinance loan which is easier to get. Also depending on different areas you can get grants to help you purchase a home, there are also programs for specific careers such as cops, teachers, doctors, etc. . . always good to have one in the neighborhood is the mentality on that. There is also Habitat for Humanity which is a program designed especially for low-income working families that might not otherwise be able to own a home. If I knew your state and city I could probably be more specific.

Have someone co-sign with you.

allansc2005

Give me more details

regerugged

It won't be easy. You might have to start with a "fixer-upper." Look for houses with a "rent-to-buy" option. A third possibility is buying on a land contract; it that case, the owner carries the mortgages and you make monthly payments directly to the owner.

hippiegirl672003

Try your local Housing Authority.They'll have info on things like HUD housing where you can get help buying a home.

Carlos D

These day in Florida people are having a hard time selling their homes. This is a disappoint after the last few years of an absolutely crazy sellers market. So sellers may not be to picky about credit and such. Do you have anyone who can co-sign for you? Can you get another job and improve you income? Have you thought about getting some training/educations for a better paying job?

Thaylen M

Contact Habitat for Humanity and also try the Fannie Mae Foundation. There are government programs that will give you grants to purchase a home because it is a right in this country. I don't know what state or city that you are in so I can't tell you specifically where to go but check the internet for gov grants.

CooCoo Kachoo

You could get a loan..but its unlikely that you can buy a house if you are low-income. Aside from actually buying the house, you would have to pay off whatever you borrowed, on top of yearly property taxes...maybe hold off for a while.

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