The best answer is the hardest to hear. Cut your spending down. Stop buying anything you can live without. Save as much as you possibly can. Also, since your financee has a lower credit score I would assume that means debt exists. Kill it. Talk to a non-profit credit counseling service. Pay off your debts in a smart way. Pay off your highest interest rate debt forst. Then pay off the next highest and so on until all debt is gone. Doing this you will have found that you now have higher credit scores and cash in hand. From this day forward pay for everything with cash. Forget credit exists. Just use a credit card IF and WHEN you can pay it off at the end of the month. Do not pay for coffee. Buy a thermos and a coffeemaker. You will pay for them in a very short time. The same idea applies to everything. Do not buy new if used will do. Ask if you NEED (not want) this. In time you will save a decent amount for a downpayment. Remember, never risk losing everything if you can wait and be safe. That means do not depend on getting a adjustable mortgage or anything but a fixed rate. And only buy when you are sure prices are not dropping moer. And that looks to be awhile longer yet.
Licensed Real Estate Agent
11900 Parklawn Drive Suite 100
North Bethesda, MD 20852
This depends on what type of loan is available to you i.e. VA loan. you may be eligible for down payment programs. feel free to contact me if you have need assistance.
here's a quick link explaining it.... http://www.maryland-fha-loans.com/HOC.html
The USDA doesn't require you to be a First Time Homebuyer yet it is restrictive on where you can purchase. It is a true 100% financing. This link will show you if your property is eligible for this financing.
Feel free to call me or e-mail me if you have further questions.
cell 240 353 - 5102
I just settled on a USDA Rural Housing loan. This loan was great. The buyers got 100% financing and had to pay a little at settlement we asked the seller to pay $4,000 toward the buyers closing costs. The interest rate was fixed at 4.750%. Plus since they closed 11/2 they get the $8,000 tax credit.
The first step you need to take is talk with an experienced loan officer to determine what you program you all qualify for. The USDA Rural housing has limitations on certain areas. Before you pay off debt please talk with someone and make sure you don't purchase anything large or open any new credit lines. DO NOT sign up for any credit counseling programs before talking with a loan officer. Most mortgage companies look down on a company having to negotiate to pay your bills. If you have any questions feel free to call or email me. I work Carroll, Frederick and Montgomery counties.
The first would be a VA loan if you or your spouse have ever been in the military.
The second option is a USDA Rural housing loan. These loans have limits to the amount of income you can make and they are for specific rural areas
Check the USDA's website for eligiblity
feel free to contact me if you have any questions