Hello Ian;
Have you thought about a CHFA FHA loan? You'll need to put $1,000 into the purchase of the home. I have a few lenders that I work with that do these. It has a 2nd for the down payment. (CHFA carries this 2nd loan)
Don't forget the tax credit for the 1st time Buyers.
Let me know if you have any questions. I can set you up a site that goes to your email.
Sincerely,
Gilda Baxter
"Your Home, My Reputation"
719-598-3183
For a list of active listings, check out my web site: http://www.GildaBaxter.com

hi Ian,
home ownership is a part of the American Dream, but just ask the people who have lost their homes recently to foreclosure and to them it is the American Nightmare. I am in the business of selling real estate, and if you were my client I would strongly counsel you to get on more solid financial footing before you purchase a home. 1) Clean up the credit and GET OUT OF DEBT 2) Save until you have an emergency fund of 6x your monthly living expenses 3) Save enough for a downpayment - figure on about $5000 minimum. Then, it's time to start considering home ownership. And unless you are married, qualify for your mortgage on your income only. If for some reason you do not stay together with your girlfriend, you can still afford the house payments. Some very good advice can be found at http://www.DaveRamsey.com. Local churches also sponsor his "Financial Peace" program.

Sue Bigus
Herman Group Real Estate

Hello Ian;

Home ownership as a goal. That's great. You have to start somewhere. Ian-- I suggest you ask your friends if they know a good morgage person. A Realtor can help you to find a lender that will work with you, to get you ready for buying a home. You'll need to get your credit score up to 620 to get a FHA loan. You also need to start saving for your down payment. I'd aim for at least 3.5% down payment. A lot of time the Buyer's agent will get you the closing cost part of the loan when you make the offer to the Seller.
Don't get overwhelmed, just take it one step at a time.
If you need anything, please feel free to contact me.

Hi Ian,
I would love to help you out. I work with first time home buyers and have helped several who started out with a low credit score and are now proud home owners. Give me a call or email me. The first step would be to get you with my lender who will sit down and discuss what needs to take place to get you qualified for a loan. I work with a reputable local lender and he has helped my first time home buyers many times. Again call or email me and let me see how I can assist you and your girlfriend in the purchase of a home.
Thank you,
Pamela Weatherford
719.661.8672-C
pamelashomes@dishmail.net

Hi Ian, This is a Question that you may want to ask a Lender and Agent that you choose to represent you.
There are so many factors involved that we may not be able to answer this question.
Best Advice like the other Agents say " hire a Buyer's Agent to help you" The Buyer's Agent is paid by seller at closing to help get you your home.
Good luck,
Brian
Check this out
http://www.kennarealestate.com/wide.php?iframeurl=http://www…

ian-
bottom line is that you MUST have a credit score of 620 minimum to go FHA. You need to get with a credit counseling service that will clean up pyour credit...it may cost you to pay off some bills to make it work...
Your girlfriend won't be buying anything without income or credit.
Find a Realtor to work with who can advise you of a good lender that has a good credit clean up company...maybe check out Tom Martino's website. As soon as your credit works, your REaltor can advise you of what might be available that is not a meth house...
Best of luck...work hard at improving and protecting your credit and you will prevail!
Kimberly Ryan
303-523-8333

First thing is: Hire an exclusive buyer agent [naeba.org] He/she will show you what is a good house for you and guide you at every step of the process.
Exclusive Buyer Agent (EBAs) work solely for buyers, avoiding the conflicts of interest inherent in the traditional seller-oriented purchase transactions. This unique relationship of committed trust and care assures buyers the best possible home buying experience.
Jean-Pierre Angel
Exclusive Buyer Agent in the Greater Boston area for the last 15 years
RealEstate.com REALTORS
angeljp@aol.com
617-924-9136
cell: 617-230-7045

Ian,

Do not worry about being redundant. In fact, you are to be commended for doing the research! An FHA insured loan will be the most likely route for you to take, but you are going to have to increase your score and put some money aside for a down payment and probably closing costs. Assuming you have little other debt, your payment is right in line with your income. There are down payment assistance programs and other factors that may speed the proces. Based on your statement, my initial reaction is that you are on the right track, but will have some work ahead of you to be ready for this purchase.

That being said, a full examination by a professional may show that you are ready to move more quickly or require to put this decsion off for a while. I would suggest you search Trulia for a Realtor and lender in your area and schedule some time to look at your options.

Ian,

You may wish to read through the information and make use or the resources provided by these two sites..

http://www.hud.gov/buying/index.cfm ..... http://portal.hud.gov/portal/page?_pageid=73,1827624&_da…

For rate info.... http://www.fhfa.gov/ .... http://mortgage-x.com/general/rate_trend.asp

For browsing and information.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html

Good hunting, Dunes