Do NOT count on the tax rebate at all. You are not eligible. You do not pay taxes on ssd income unless over like $25k a year. And you only get back up to what you paid in. So if you paid in no taxes you get nothing back.

The best thing to do is wait. But wait in a smart way. Go to a local bank or credit union. Get a secured loan. Basically that means you borrow your own money from them and pay for the privilege. If you get a 6 month loan for x amount you put x amount into an account in the bank. Add enough extra to cover all interest costs in the same account. Have them make automatic withdrawal for you. You only care about the loan when you see it is paid off. Then you can do the same thing over again. Over 1-4 years you have built up a credit history. Try getting a credit card from the same bank. Low limit and low cost. Buy like $50 a month on it and PAY IT OFF every month. Do not carry a balance. This also improves your fico score.

Some states offer low income housing loans at very low interest, perhaps even 0%. This may work for you.

I really think that in most markets if you can improve your credit as outlined above and save as much money as possible in another 2-5 years prices will be even better than they are now. Then when you have some kind of a downpayment and credit that is great you will find it much easier to get a good loan at a good rate.

One last strategy for you to consider. I know on ssd you do not live like a king now. Start living like you have even less money. When you cut out things like cable tv, eating out, watching movies, buying music and so on you will find you have more money to save. Also, eat (if possible) much cheaper foods. If you can save $50 a month you will have $600 at the end of a year. It adds up over time.

If you want a house you have to make sacrifices to ever see it happen for you. I have never yet found a way to save and spend the same dollar.

Yes, you can use non traditional lines of credit to qualify for an FHA loan. However you will only qualify up to 35% of your gross monthly income for the Housing expense including Principal, interest, Taxes, and insurance.

If you don’t have a credit score we will need 3 LINES OF NONTRADTIONAL CREDIT
INCLUDING 12 MONTH RENTAL PAYMENT HISTORY.

Developing a Credit History or Enough Credit


Under FHA guidliness he lack of a credit history, or the borrower's decision to not use credit, may not be used as the basis for
rejecting the loan application.
Some prospective borrowers may not have an established credit history. For these borrowers, including
those who do not use traditional credit, the lender must obtain a non-traditional credit report from a credit
reporting company or develop a credit history from 3 of the following examples including rental history:
• 12 months canceled rent checks, Money orders, or direct deposit Receipts from the bank
• Other means of direct access from the credit provider.
o gas
o electricity
o water
o land-line home telephone service, and
o cable TV.
• automobile leases, or

All letters must include the following:

•• creditor's name
• date of opening
• high credit
• current status of the account
• required payment
• unpaid balance, and
• a payment history in the delinquency categories (for example, 0x30, 0x60, and so on).
http://www.fhamortgagefhaloan.com/

Hello Kim,

Under those circumstances your chances of getting a loan are slim. However, if you have $8000-$10,000 to put down, I know of a few homes in the Dunnellon area that you can obtain owner financing on. If you purchase before November 30, 2009, you can receive up to $8000 back on your taxes if you have not owned a home in 3 years. Feel free to contact via cel phone or email if you would like to discuss your options

Regards,

Jim Frasier
Coldwell Banker Riverland Realty
352-497-4130
jfrasier74@aol.com