Always, always, always the best idea is to talk with a reputable lender. A good real estate agent will not show you homes until you know what price range you can afford. It's heart-breaking for a buyer to look at homes , fall in love with one, and then find out it is out of their price range.

A good lender will also tell you what your lending options are and which ones fit your particular situation. Lending regulations are much stiffer than they were even a few short months ago. Credit is one obstacle that is hard to overcome, but if you are serious about purchasing a home, it doesn't take too long to bring your credit score up. A good lender will counsel you on this.

Good luck and best wishes for a successful home purchase in the near future!
Dee Nofziger
Danberry Realtor
findahometoledo@gmail.com

Very good answer from Jim.

You might also consider lease-options (or land contracts, or contract for deed), or simply owner financing. Best bet would be a lease-option.

The only other possibility I see is to think outside the box.

If you can borrow from another source (a relative, cash value of a life insurance policy, etc, or if you are expecting a good sized tax return) there are some great bargains in foreclosed properties right now.

If you can't buy the property you really want, you can at least get started on an inexpensive home and move up from there.

By inexpensive, let me tell you of a repete buyer I've been working with who has been buying livable homes for $5,000- $8,000, some of which have only needed paint and carpet!

One of my customers bought a home in the 5 points/Northtown area for $14,500 and I'm seeing these sort of deals all the time!

Now, if you think about it, if someone bought an inexpensive house for, say $5,000, and were able to pocket the $600 per month they were previously paying in rent, how long would it take to "re-coupe" the $5,000 investment? A: less than 9 months

The other Realtors who answered are correct, but even the lenders who have traditionally offered to credit challenged borrowers have tightened their guidelines.

If the idea I offered, above, doesn't help, try talking with a lender and have them pull your credit to give you a good idea of just where you stand and how to get from where you are to where you want to be.

Char,

Dan is exactly right. The USDA loan is about the only one right now with no down payment available. I believe the VA loan is another possibility if you're a veteran. I have someone that has done the USDA loans and would be able to get you going in the right direction. Contact me and I'll get you his info.

It really depends on how poor your credit is and where you want to buy. There is a USDA financing program which will finance 100% of the purchase price of a home, provided the home is in an approved rurual area and you meet income and credit requirements. I would recommend you find a lender who has this program available, along with others and get pre-approved if possible. A good lender will help you if you are currently not able to buy, with a plan to get you ready at a later date. Good luck.