Tina

Here is a link to the Gov site for all current Gov loan programs.....You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

The information provided on the Hud site (Link provided below by Cassellis) is excellent and IMHO a must read for any new/first-time homebuyer, please give it a look......

Good luck, Dunes

You could possibly qualify for an FHA government secured mortgage. You would have to prove non-traditional tradelines such as cell phone bills, utilities, or rent.

The down payment requirement is 3.5% of the purchase price. You will be able to qualify for a tax credit of up to $8,000 if you purchase a home by 4/30/2010.

Contact me, I am a HUD approved National Mortgage Banker with America's Lending Solutions.

ERIC KONOPINSKI
Toll-Free: 1-888-900-6496
ekonopinski@americasls.com

Here's a link to the HUD website.

FHA loans are great for first-time buyers. You'll need 3.5% down (plus earnest money & money for inspection fees.)

There is also a USDA program that supports rural development. If I understand this program correctly, there are income caps for this program. You can find that program through the HUD link as well.

Your bank's loan officer may be a good person to contact first.

Tina-
Although there are a few programs that you may qualify for- be careful to make sure you can afford them and not just qualify for them. Take your time looking at houses. Make very sure that a mortgage is within your budget. Judging from your age, you have plenty of time to buy a house. I would make sure you have a downpayment saved...at least 10% of the cost of the house. A 650 credit score may qualify, but I know that your interest rate will be higher because your credit rating indicates a greater risk. you will end up paying more money to borrow money. I think I would advise that you spend the next year improving your credit score and saving for a downpayment. I know that in the long run, you'll be happier if you can be patient now.

Hi Tina!

There are a variety of loan programs available. The best way to find one is to shop around. Call 2-3 lenders for their opinion and rates, but do so within 2 weeks so you do not take a hit on your credit score. The following 2 home mortgage consultants I've worked with in the past and can do a 5 minute preapproval for you over the phone - call them today! Please let me know if you have anymore questions.

Jeff Knapp, Real Living Mortgage (Wells Fargo division) 937-431-7744
Joanna McCord, Wells Fargo Home Loan Consultant 937-470-5806

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
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