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Assistance for Home Buyers

Currently my husband and I are renting, and interested in buying our 1st home. In our area we have found one that we really would love for under $29,900. Our monthly income is roughly $2,200 gross (not alot but its going up soon my husband is switching jobs)  As of right now I have poor credit history My husband has good credit so far its just very limited. So we would have roughly $3000/10% of a 30,000 home. We have used online calculators to figure the mortgage including taxes & insurance would be roughly $350/month currently we pay more than double that in rent, plus all of our own utilities.Our rental is not energy efficient so we know we can afford even high utilities Now to the Point (LOL) is there a way to know we won't be embarrassed and shot down in the dark if we seek a loan for a home. We know we can do it, but since every single thing is based on credit they may think we can not.. Does anyone know a good Option for us? 
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October 08 2012 - New Carlisle
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If you really want to buy now:  Depending upon your husband's qualifications alone, you may wish to have him qualify and purchase the property separately in his name.  You could potentially add your name to the title vesting of the property at a later time. At even a later time when your credit improves, you may either add your name to the loan by contacting the lender or by refinancing. 

You may also want to investigate an FHA loan which has some advantages for co-borrower situations like you have described and may accept a lower credit score.  Regardless, you need to pre-qualify with an experienced loan officer who can work with you to find the best option for you.  They can give you information regarding your qualifications for different loans before you get "shot down"...it can't hurt to ask :)

(There are also credit repair companies that assist in improving your credit score and removing negative items.)
Good luck! :)
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October 08 2012
Get a referral from family and friends for a mortgage company (banker) or your local bank and discuss your options with them as you will need a prequalification letter from the bank to make an offer.
 
Also, Im curious about a home in that price range, is it a mobile home or a home that needs a lot of repairs as there are different options for each?.  
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October 08 2012
You should talk with at least two mortgage brokers and discuss your financial profile and your goals.  They should be able to offer you the best possible loan given your options.
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October 09 2012
 
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