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smurf1055 | Were can one go to apply for a government grant to buy a home. and if there is some were how long does it take |
i need help buying my home i live in have bad credit so i thought that there might be some kind of grant program that can help. it can be some kind of loan i could pay back i dont want it for free |
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jenniferlemoine2007
 |
Look for someone who does FHA loans. It's a first time homebuyer program. That allows you to put as little as 3% down on the house. With a low APR rate vs. conventional mortgages. And it is good for people who have not so perfect credit.
I just got one. If you would like to contact someone by email you can. His name is Jim Stasio.
jims@ascellamortgage.com
He was very helpful and answered every question I had. Got my answer on if I would be approved within a couple of hours.
And got us a great rate.
Good luck. |
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bdancer222
|
Even if you find a first time buyer's program, you are not going to get approved for a loan with bad credit. Your first step to home ownership is to fix your credit.
Mortgage companies will require you to settle all derogatory items on your credit file. Get a copy of your credit report (AnnualCreditReport.com) and start with the newest and work back to the oldest. The older the item, the less impact on your score. Also negative items age off after 7 years.
You can probably settle derogatory items for less than full balance. Lump sum gets the best deals. Payment plans have to be short term. Get any settlement agreement in writing and don't give the collector direct access to your bank account.
You will still need at least 24 months of consistent, on time payment history to see any improvement in your score. You should also start putting a set amount into a savings account every payday for a downpayment. |
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chatsplas
 |
Well with bad credit, it shows you have a history of making poor choices. You're facing a natural consequence of your actions. Bad credit disqualifies you for many grant programs, especially now. Talk to owner and see if you can work out a Rent to Own or installment purchase deal. This would put a portion of your rent payment towards a down payment, and eventually you would get a regular mortgage and pay off the landlord. IF you have a good payment record on your rent they may consider this option.
REPAIR your credit by paying all bills in full and on time. 6 months will show an improvement and after 12 months you will look good. Pay double the minimums on credit cards, pay down balances, reduce spending.
SAVE money for a down payment on this or other home. Without a down payment there are FEW (if any) opportunities to buy a home.
Check out your local Habitat for Humanity. Volunteer, sign up for their credit counseling and other programs, get on their list for a home.. |
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estielmo
 |
First, prove you are worthy of it by improving your credit. |
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src50
 |
There are no "government grants" to buy homes and start businesses. That myth is an internet scam. There are a few local/state "first time buyer assistance programs." Google that. |
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Don
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No sorry, no government grants for home buyers. One of the reasons we have so many forclosures is that government allowed lenders to make it easy for folks to get into houses they could not afford. |
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Viktor T
 |
I do not know what your credit score is, but you can try for FHA. There is not required minimum for FHA. Some banks require 580 points, but there ares a lot of mortgage companies out there that do not require minimum score, you just do not have to have delinquent bills, 24 months of employment and you are ready to go. FHA require 3% down, but there are a lot gift programs where the seller could contribute up to 6% of the sales price for closing coast and down payment and these money are tax deductible. Find a good real estate agent and good mortgage company and you will make it. Good luck! |
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bgr
|
Look at your local city hall. A lot citys have first time home buyer grants. You may want to call your local elected official like city or state or congressman. Many of them have staffs that are paid to help you find out if there is a program for you. A lot citys you don't always have to live in to qualify usually if you work in the city you will qualify. |
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Ron Berue
|
Step #1: Look into First Time Buyer programs.
Call the county or municip0ality where you think you would be knterested in living and ask.
Step#2: Read ALL the literature you get AND follow the directions - step-by-step.
If there isn't any First Time Buyer program:
Your first step should be to get pre-approved for the mortgage.
Arrange for an appointment with a loan officer at a savings & loan or a federal credit union. These lenders tend to have lower fees and rates than mortgage companies or full service banks.
Bring all the applicable information about any open and closed loans.
You should be as honest as possible.
After getting pre-approved, take a ride through those areas where you can comfortably afford to make those mortgage payments.
Make notes of the "For Sale", "Sale" and "For Sale by Owner" signs in those areas. Call those people to make appointments to see those properties.
IF you meet an agent you feel comfortable working with, continue working with that agent. He/She should be able to get you through the great majority of those properties you're interested in seeing.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name! |
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Free Thinker
|
Have you spoken to someone about getting your credit repaired?
It is not likely that you will get any kind of grant given these conditions so work on getting your credit straightened out and then check into a USDA mortgage. |
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