It sounds like you may qualify for the Florida Housing first time home buyers Assit Program. You can visit http://www.floridahousing.org for more information and a list of participating lenders.
Michael D Bellamy, PA
Approved Florida Housing Realtor
Charles Rutenberg Realty
Based on the information shared - No one with such limited income should even consider buying a home, even if it were possible............once you pay the mortgage, taxes,insurance, electric and gas, cable, phone, put food on the table and maybe even some gas in the tank of the car, if you own one, or pay for public transportation........what will be left over... just to live?
What will be left over, as Dan said, in case, on top of all that, something breaks - something major??
There is more to owning a home than just paying the mortgage and taxes, and it isn't for someone who is already on thin financial ice.
I am sorry, this may not be the "happy face" response, but it's an honest one.
I'm going to go a little against the current of my colleagues. If you have $1000 saved up, even if you obtained a 0 down mortgage and had all the closing costs paid, the first time anything happened to the home you'd be in financial distress. A refrigerator, an oven the washer or dryer can dissolve your savings almost immediately should they stop working, what if the roof leaked or a pipe broke?
Renting and saving what you can sounds like a good option to me, based on what you've given us in this question. That way if anything happens, someone else is responsible for the repairs.
If you are able to save up several thousand dollars that you can keep after your purchase, reconsider then.
If there are more facts I'm unaware of, let me know and I'll reconsider my advice.
Best of luck.
I wish you luck in your quest to own a home..
La Rosa Realty, LLC
There are some 100% financing programs as well as county bond programs for first time home buyers that cover your down payment. Send me an email so I can get you hooked up with a lender who specializes in these programs and see if you can quality for them so we can get the ball rolling on your home purchase. My email is REOsofflorida@msn.com
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I think your best bet is to talk with a lender first. You will need to tell them the amount you can afford including your taxes and insurance. Based on the informaiton they can tell you if you need to wait or can purchase right away.
There is a lot that goes into buying a home. I have a great buyers package that explains the entire process from beginning to end. I can also put you in contact with a great lender. Feel free to visit my profile and see if you would like to work with me. I look forward to speaking to you soon!
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