I have a great person to check into , she can give you an answer to this right away ! Try her at http://www.wendythompson.net, or just call @461-8858, another would be Wells Fargo- Nick Huber 624-4016,
Tera Bloecher -901-282-7484, they can set you straight and give you the advice and personal assistence you need, sounds like you are really on the right track now !!
The buys are out there !!- sounds like the $8000.00 credit , which is OVER in DECENBER , 09!
could apply to you, plus some of the home owners will help with the closing costs of a purchase. Call, email or text me and I will help you , send you emails of homes in your price range and area !
Have fun hunting !!

Congratulations. You could qualify for some great loans. Contact your favorite mortgage broker to find out more details and to get the scoop on all the programs. If you have not owned a home in the past 3 years, which sounds like you did not, you also qualify for th $8000 tax credit. If you would like help finding a great mtg broker or lender I can make some great recommendations. Good Luck!

DC-
You should be fine. You perfectly fit requirements for an FHA loan and culd just as easilly qualify for USDA financing granted you purchase a property fitting the USDA requirements. Anticipate a loan of approx $225 - $250k with a 3.5% down payment requirement for FHA or no down payment requirement for USDA.

If you have any questions, you are welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com

Your first step is to talk to a lender. They can get you pre-approved after doing a quick credit check and tell you exactly how much you will be able to buy. I always suggest that my home buyers do this first, then there are no surprises later. After this you need to contact a Realtor. I would be happy to help you in your search for a home, if you do not already have a realtor in mind. My contact information is listed below.

I agree with the 1st answer, it sounds like you would have no problem qualifying for FHA financing. I would strongly suggest you speak with a local, reputable lender and not only get approved, but also talk with them and tell them what amount you are comfortable with. As an example, you may qualify for a $150,000 loan and have a payment of 1200 to 1300 a month but you may only want to pay 900 to 1000 a month. Find out from the lender a ballpark loan amount to get you to that payment so you don't feel like you are over extending yourself.

Please feel free to give me a call at 901-833-3844 or send me an email at mcwilson@collins-maury.com and I would be more than happy to answer any questions you may have or provide references.

Based on what you've written, you're a perfect candidate for an FHA or USDA loan-- no strings attached. Certainly we all were less responsible at age 18! :)

Now it's 8 years later and things have changed.

I'd love for you to call us at 901-672-2413. We are approved to offer the THDA down payment assistance program, as well as the USDA no money down program. Add to that your $8000 first-time buyer tax credit, and you can easily see why you should definitely look into buying a home.

Again, please give us a call. We love first-time homebuyers.