-Sufficient identifiable income to support the payment
-Likelihood of regular repayment (credit history)
-Money for closing costs and residual for emergencies.
The combination of poor credit and no downpayment is a really tough place to be, but you do have (long term) options. It WILL take some time and effort, but not impossible, if you are willing to work on it .
Look for someone who works with first ime homebuyers and ask for their help knowing what to do.
Step by step wins the race!
Blessings to you as you work for the big picture
Assists eligible participants with closing costs by providing a no-interest second mortgage. Although funds borrowed through this program are not "forgiven", they must be repaid only upon the resale of the home, upon the refinancing of the home, or upon the transfer of the title.
Funding for this program is limited and is dispersed on a first-come, first-served basis.
Applicants must be current residents of Bucks County, be able to pay the prepaid portion of settlement costs and excluded fees, must have households of two or more persons; individuals may not participate in the program, unless they have a serious disability.
Applicants must complete the First-Time Homebuyer's counseling program administered by the Bucks County Housing Group. The counseling program begins with a Homebuyer's workshop; Applicants must fall within the parameters established by the County with respect to household size and income, and must purchase a property located in Bucks County.
For more information about this program contact Sherry Pace at the Housing Group 215-598-3566 or email firstname.lastname@example.org.
When you "graduate" call us.
The lender I work with offers programs that might suit you. A good example is PHFA loans. Please call or email me. Tina Walsh, Long & Foster, Real Estate, Inc. 215-489-8026 / 215-348-0000 x 8026.