It is important to discuss your financial situation with a qualified FHA lender.
They will have the most updated qualification information for you.
If you want to purchase a home and are not a veteran, the FHA option
will provide you with a low entry cost and some lenders are providing a percentage
toward closing costs. VA loans are good for those veterans disabled or not,
to purchase a home with no out of pocket expenses.
In order to purchase a home it is best to have a pre-qualification letter
to accompany any offer. Remember FHA has specific lending criteria
and a home must qualify... I would also ask about specific programs
available for remodeling to accomodate any changes that may need to
be made if you are physically disabled. Also checkout FHA 203K loans with your lender.
Wishing you the best in your home search!
Hook & Ladder Realty, Inc.
Social security income is used to qualify for a FA loan. You may consider getting pre qualified with a reputable company. Many lenders have credit repair programs to assist in getting your credit cleaned up. You may also consider putting someone on the mortgage with you to assist in obtaining the loan.
FHA is more flexible with credit scores than other types of loans, so depending on how low your scores are and what your other qualifications are maybe. Meet with a local full service lender and explore all your options. As long as FHA is an option for them, they can suggest that program or another which may be available.
One other thought, with low credit scores you may want to investigate some other steps. Many people with low scores benefit greatly from establishing a budget with reminders to make sure the bills get paid or if you had a single event which damaged your credit, doing some credit repair may be in order. Best of luck.