I do consulting regarding credit repair to increase your scores. GREAT you are focused into purchasing a home wanting move forward. You receive annual tax benefits home ownership.

Once scores increase the interest rate is lower allows you better opportunities in the market.

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Lucy, I would try now for a few reasons.
1. You may be able to go FHA with only 3.5% down or perhaps as little as $100 down if we can find you a HUD foreclosures and you pay list price or higher for it and use FHA financing.
2. You can potentially get an $8000 tax credit if you buy in 2009.
3. Interest rates are some of the lowest they've ever been and expected to move higher over the next two years.
4. Home prices are still affordable. If we start to see inflation and I think we should, home prices will likely go up when we start to see inflation.

Wells Fargo said the other day they do not have a minimum credit score for FHA loans. That is news to many of us, but that's what one of their senior people told us. So you might start with them. If you need a good loan officer referral just let me know.

Bruce Lynn
Prudential Texas Properties
214-675-6992

Hi, Lucy,

I agree with Sam. From what you said here, you sound like you can do something, but only a lender can tell you for sure. Either a bank or a mortgage lender has to follow the same guidelines to process your loan, my suggestion will be talking to a few of them, and see who can explain the best program that is suitable for you, want to work wtih you and help you. Personally, I will not suggest you to apply the mortgage online, because it sounds like you may need some guidance through the loan process. So, talking to a lender face to face may benefit you more. Since you are a 1st time buyer, you may qualify for the $8,000 tax credit if you buy before 12/1/09.

Good luck, and have a nice day.

Lucy- You have a 615 middle score which isn't great.
I would suggest that you speak with an FHA lender to see if you are eligible for financing.
If you qualify for FHA financing then the Seller can pay up to 6% toward closing costs or
to buydown your interest rate so that your payments are lower for the first 2 or 3 years.

Learn more about interest rate buydowns at: http://www.321advantage.com
GOOD LUCK!

First get pre-qualified by a bank and find out if you are qualified for an FHA loan that you need only 3-1/2% down. Also if you are pre-qualified you know exactly what you can afford and a lender to work with that you are establishing a financial relationship with for now and the future. When you buy a home you want to do so with knowledge. You don't want to overpay for a home and if you wait another year you may not see the bargains that may be on the market for the next six months. Talk to a realtor who knows the real estate trends in your area. I specialize in downtown st Petersburg,FL and statistics vary just a few miles away. So get pre-qualified and work with a knowledgeable real estate professional and you will end up a happy home owner at the right time for you and your family.

Lucy
I would suggest two things:
Find a Realtor that you respect, and sit down and talk with them about your plans. Find someone that will partner with you to find your first home.
Second, find a competent lender. The Realtor should be able to refer you to one. Not all lenders or Realtors are created equal. It is critical that you find professionals that know what they are doing and can help you create a plan that will help you improve your credit score so you qualify for the best financing you can find.

Contact a lender to see what is available financially. You may realize that your credit needs to improve to get a good rate. However, rates are so low right now, you may still find it's affordable and move forward.