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Have FHA approval; Any Help with downpayment?

I am paying rent on an apartment. This is not the best use of my dollars as the apartment is not worth the rent I pay. At the end of the month I have nothing to show for this expenditure. Yes, I have borrowed, for the length of time my payment allows, the use of that space but in order to continue borrowing the use of that space I have to put in another rent amount.  Feels like I am feeding a slot machine wherein I will never win. If I own my space, at the end of the month, I have put dollars into my own space, not someone else's. So that is my motivation, my need, to purchase a property.  I am approved for an FHA loan. Unfortunately, I do not have all of the downpayment.  Are there any options for me? Is homebuying the way to go or am I better off staying in this apartment and feeding the no-win slot machine? Some facts about me are that I am a 63 year old white female, divorced for 5 years, employed. I see this purchase as an investment for my 20-year-old daughter, a college student, living with me. I live frugally, having a low car payment as my only debt. Thank you.
  • February 23 2013 - La Vista
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Answers (2)

FHA does have some home in different parts of the country that you can qualify for just $100 downpayment. Your lender has to have these programs in their arsnel along with USDA programs also gifts can be used for downpayment.

Lowell
  • February 24 2013
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Pending your area, have you heard of USDA? These loans are great for first time home buyers. Few restrictions, like a low PMI but overall they are a life saver. They have no money down options and you can build costs into the loan.
  • February 23 2013
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