Financing in Memphis>Question Details

Bibi, Home Buyer in Memphis, TN

I am 22 with spouse and child and bad credit. Can i qualify for a grant or fund?

Asked by Bibi, Memphis, TN Sun Mar 2, 2008

I am a 22 year old female with a partner and child living in Memphis. I am exploring first time home ownership, and a college education though i have bad credit. Are there any funds or grants that i or my spouse can qualify for? How do i get started?

Help the community by answering this question:


Congratulations First Time Home Buyer!

Right now is a favorable time for home buyers. Interest rates are still low, sub-prime loans have been minimized, and sellers are motivated to sell so that they too can purchase a new home!

I specialize in working with first time home buyers. I advise you to first settle in your heart, mind and spirit that you deserve to own your own home. I often encourage my first time home buyers to increase their faith levels, prepare and educate themselves about the home buying process and then MOVE FORWARD!

People who are renters, are afraid to move forward and become homeowners because they listen to the media and other external noise. But, think for a matter if the market goes up or down "YOU DON'T BENEFIT EITHER WAY" because, you are renting without any return on your money.

If you purchase NOW, and get a good, fixed interest rate mortgage you will be SAFE regardless of what happens in the market. My advice is to make sure that you choose a home that you can comfortably afford with minimal repairs (something updated would be nice). Choose an area that is clean, safe, with good schools and the possibility for good re-sale value (should you decide to sell one day).

The key to being a smart and successful home buyer is to prepare (which you have) and educate yourself about the home buying process. You have good credit and should qualify for a good interest rate. There are so many programs that will help you with your down payment and/or closing costs. VISIT: for (down payment grants) available.

Don't be afraid, and if you do become afraid..."Do It AFRAID." - Joyce Meyer

You can do it! I believe in you!

The only thing that is hindering you is fear, not the market. Noone can 100% predict what's going to happen with the market in the next 3 months. All you can do is make a good, wise decision based on the facts and good information that you have RIGHT NOW - things are favorable for you NOW. Live in the NOW and trust God's provision for you and your child's future.


Please visit: This loan program is 100% legit. I refer my buyers to this program here in Little Rock, AR all the time! I believe in the product they offer and it is amazing!

No closing costs
No down payment
No perfect credit
Lowest, fixed interest rate for 30 years
Use the closing costs you receive from the seller to buy down your interest rate
Take out extra money to remodel a home, buy new appliances and more by having it added to your loan

My sister purchased a home with the NACA program in December of 2007. I promise that they delivered everything they promised with their loan product. Their funding comes from Bank of America.
My sisters interest rate is 3.8% fixed for 30 years. My client last week closed on a home at 1.6% fixed!!! She did put additional money down.

I am purchasing my next home with a NACA loan and I have excellent credit!

I would love to hear from you or answer any additional questions that you might have. I have created an excellent first time home buyer website with tons of valuable "how to" information on the home buying process plus, motivation and inspiration for your home buying journey.

Promise me you will at least check in to it! It will be a blessing to you!

I wish you much success and blessings in your new home!

Move Forward,
Homebuyer Advantages
1 vote Thank Flag Link Thu Jul 10, 2008
There are a number of programs availble for low income and/or credit challenged home buyers. Go to this link for some non-profit credit counseling agencies:
Once you know your status, I would be happy to recommend some local lenders who specialize in just your situation. Avoid predatory lenders at all costs- the credit counsel can explain more about that to you.
Web Reference:
1 vote Thank Flag Link Sun Mar 2, 2008
if someone with bad credit asked you for money, would you loan it?? probably not

Sorry, rules are, you and or your partner will need 2 years work history, credit score high 6s to low 7s, 5% down

Ask yourself, do you really want to take on a loan when you admit you have problems repaying money you have already borrowed form others??
0 votes Thank Flag Link Thu Jul 10, 2008
google "section 8"


good luck
0 votes Thank Flag Link Wed Apr 2, 2008
Bibi, Look into the THDA loan. It is a program available to help first time home buyers in Tennesse. You will have to qualify for a traditional loan. Though your credit my have some dings on it you may be surprised how quickly it can be corrected. You must make a commitment to yourself to never, ever be late on a bill again. Then you must go through your credit report and take care of the bad debts one at a time. Once that is done you will be able to get a mortgage. The thing is you must start to get finished. Take it one step at a time and you can own a home. Good luck.
0 votes Thank Flag Link Tue Apr 1, 2008
Try this website first:

These folks have raised credit scores the right way! They are a trustworthy and well know company in the Memphis area. They will shoot you straight
0 votes Thank Flag Link Sun Mar 30, 2008
with the market being slower, many folks may allow a lease purchase or owner finance. Straighten up your credit asap and it doesn't hurt to ask!
0 votes Thank Flag Link Wed Mar 19, 2008
Try the NACA program. Here's the link:
0 votes Thank Flag Link Tue Mar 18, 2008
Stay away from Kara, I think she just wants to sell a house.

Now, I empathize with your situation, and I really hope I don't sound preachy -- I'm just a regular guy, but do you have a budget? Are you spending more than you take in? What interest rate are your credit cards -- 21%?

I applaud you for wanting to be a homeowner, but I hope your financial house is in order. There are many places where you can get financial counseling, I hope you take advantage of them.
0 votes Thank Flag Link Fri Mar 14, 2008
Good answer Joe.

Bibi, depending on how bad your credit is going to determine what avenue you need to go. Contact a reputable lending institute LOCALLY!! They can instruct you on what needs to be done to remedy your situation. Also, depending on your degree - there are some awesome programs out there (teacher, law inforcement, doctor or medical fields, fireman, engineering, etc.).

Is your husband's credit in the sewer also? He could qualify by himself. Remember, in our state, even if your husband is the only one on the loan you still have martial rights to the property (in case of the unspeakable).

Let me know if you would like any references to start on your homebuying path.

Jo Shaner
0 votes Thank Flag Link Mon Mar 3, 2008
0 votes Thank Flag Link Sun Mar 2, 2008
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