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Can I buy a home?

I am a (hopeful) 1st time home buyer. I have a credit score between 625 - 650 due to some a default on a couple of accounts and a vehicle repossesion about 3 years ago. I don't have any credit cards/mortages/car loans. Not making a lot of money, I don't have any savings. I would like to buy a home (finally) and stop renting. What would be the first step to take towards buying a home? Do I have a lot of cleaning/saving up to do first or can I get int a home with no money down? What type of loan should I pursue? Is this even enough information for somebody to point me in the right direction?

Thanks in advance for any help!
  • March 03 2013 - Garden City
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Answers (3)

Hi there.  It's exciting to become a homeowner and the first step woudl be to speak with a lender in your local area to see what you qualify for.  From there, you will see if you are able to buy and at what price.  If you are not qualified at this time, the lender can hellp you learn what steps you need to take to become able to buy.  Good luck!
  • March 04 2013
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Profile picture for Mike Nielsen
Ditto what the first responder said.  Talk to a lender and discuss options (pre-approval, down payments, etc).  Even if you are able to get a 0-down loan, you most likely will have closing costs, etc.  The USDA Rural Housing benefit may be available in your area.  Definately talk with a local lender and contact a REALTOR for additional information.  Best of luck with getting your home!
  • March 03 2013
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First step would be to contact a lender to see where your credit stands and if there are any glitches that need to be taken care of before you try to purchase a home.  If you do not know a lender, you can make contact with a local Realtor who can most likely refer several that they refer their clients to.  Hope this helps, good luck to you!
  • March 03 2013
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