That being said, it is important to have a clear understanding of your particular situation including a complete financial analysis as well as a sense of where you would like to purchase your next home. Each program has it's own guidelines regarding financial qualifications and areas served. A good loan officer will take the time to analyze your specific situation and recommend a course of action.
So, in short, the issue of qualification is 2 fold...you as an individual must qualifiy with regards to credit and liability/asset ratios and the home you are purchasing must also qualifiy within the guidelines for the specific mortgage your are applying for.
Buyers who meet the requirements for "First Time Home Buyers' status and who purchase before December 1, 2009 are also eligible to take advantage of the $8,000 Tax Credit which can greatly assist in off-setting the costs of home ownership. If you'd like more information on this program or a referral to a reputable lender, feel free to contact us.
Here is a mapping program that you can use to see what areas will qualify.
Have you or your spouse served in the Military or National Guard? If so you may be eligible for VA financing with no money down. The only two other options are the USDA Rural Developement loan for no money down or FHA with 3.5% down. The RD loan is an option however it limits where you can buy and also has income limits that you can not exceed. Please contact me and I will go over the differences in these loans and lay out what options you have.
It's important you have financing in place before you begin looking to buy. I can help you with that.
2009 President, Western Michigan Chapter
Women's Council of Realtors
USDA Rural Development may be available in your County and could offer a low or no downpayment option. There may also be grants available depending upon your financial situation. I suggest going to this website to see if you may qualify.