My program also does not require any down payment or closing costs. In order to get into a $100,000 home you only need to have saved ~$4000.
To learn about the program you can attend a workshop, the list can be found at http://www.naca.com. I will doing the next one on Saturday Nov. 16 at Hamilton Park United Methodist Church, 11881 Schroeder Road, Dallas, TX 75243 from 9-Noon. There is a lot of information given so bringing a pad and pen is recommended. I hope you can make it.
Mortgage Counselor - NMLS 280951
Buy/Sell through me and I'll move you for FREE*!!
*some restrictions apply, ask for details*
Borrowers must have experienced what the FHA calls â€œan economic eventâ€ that resulted in loss of employment, loss of income, or a combination of both that reduced their household income by 20 percent or more for a period of six months or more.
Borrowers must be able to demonstrate that they have fully recovered from the event. If they went into foreclosure due to losing a job, for example, they must be able to prove that they are now employed.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Get prequalified now: http://www.goldprequal.com/kjones
I agree with my colleagues that getting a great local lender in place early is an important step. I have a lender I work with in Washington that has worked with clients to improve scores and I used to do it too when I was a licensed lender.
Some basic starter steps are to pay everyone on time or early. DO NOT close any accounts, this will lower your scores. Pay down balances you have on open credit lines like credit cards or car loans. The more available credit you have on existing lines, the higher your scores will go. Do not apply for any new lines of credit unless your lender suggests you do. Each inquiry will reduce your score and a denial is tough on it too. I hope this helps.
Also, FHA loans, though they are good for borrowers with less than perfect credit, are more expensive than traditional mortgages. The APR will end up being higher than market rates and because you are putting down less than 20%, the mortgage insurance will permanently be attached to the payment regardless of how much you pay down. Additionally, their PMI rate is higher than other loans. Just count your costs, ok.
Drop me a line and we'll try to point you in the right direction.
That's who you really want to speak with, not realtors at this point.
First step is to get financing in place, then start shopping.