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I'm interested in a home the cost is 78,000.00 what do i need to get it.

I really like this house , I think it's the one. How do I get started . the cost is 78,000. my cerdit rate isn't very good (610) and I can only put 4.5 to 5 % down total and that's with all fees. My annual income is 35000.00 yrly I have no other debts other than insurance and utilities. Is it still  possible for me to purchase this house and get a 30 or 15 year fix mortgage rate and keep the payment near 800.00 per month. 
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December 10 2011 - Desoto
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I would strongly encourage you to get together with a mortgage professional who is knowledgeable about a variety of loan programs.  You might qualify for a USDA Rural Development Loan (RD), or perhaps your State offers a First-Time Homebuyer program through the Housing Development Authority.  By the way - for most First-Time Homebuyer programs you can have owned property in the past - just not in the last 3 years.  There are Home Path Mortgages available with only 100.00 down.  You have a lot of options, but need a professional to help you figure out what's best for you and your family.  You should also enlist the help of a Realtor who has some experience or knowledge of the various loans so they can better guide you through the home buying process.
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December 13 2011

You should have some options.  Find a local agent and a good lender.  in my area some lenders are currently making loans to folks with credit down to 580 with other compensating factors.  otherise if you can't get the loan now there might be things the lender can advise you to do to get your score up quick.  good luck

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December 12 2011
Hi. Your best bet is to meet with a lender and tell them your situation and see what they can do for you. They will collect the information from you and put it all together, to see if you can buy right now, with the terms you have mentioned. Good luck to you! 
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December 12 2011
The comments below are right on track. Depending on the reason for the FICO score and if you haven't had any issues in the past 12-24 months, it may be possible to get a loan with lenders who allow for the credit score to go as low as 600. This would a 3.5% to 5% down payment depending on the lender's requirements. Each person's credit/income profle comes with it's own set of circumstances and must be reviewed individually to see if the loan can be accomplished at this time. It sounds like you may have that opportunity now. The next step would to get pre-approved so you know where you stand at the moment.  
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December 11 2011
In my area of Northwest Indiana we have a good portion of homes that qualify for USDA no money down loans.  These are rural area loans.  The previous comments are correct, you need to talk to a lender first.  They will tell you if you can get approved or what you need to do to get to that point.  Then if you get preapproved look for a real estate agent. 
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December 11 2011
the first step in the buying process is to get a pre-approval letter from the bank or mortgage company if you are approved you are qualify to buy.
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December 11 2011
An FHA loan may be your best bet.  Contact your favorite loan officer.
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December 10 2011
Which home are you referring to? May of the homes on Zillow are estimates and not for sale. There are some FHA lenders that allow credit scores down to 600 so if that is your middle credit score you might qualigy for an FHA loan. You will have to put down 3.5 percent of the sales price as down payment. There are closing costs which at this price might be difficult to be covered. Your first step should be to contact a loan officer.
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December 10 2011
 
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I'm interested in a home the cost is 78,000.00 what do i need to get it.
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