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Answers (5)
Best Answer
- Laster Lael, "LaelLaster"
- Contributions:18
Hi imalittlewiser,
I would suggest looking into a USDA direct loan. There is no minimum credit score requirement,there are subsidies,depending on income. There is not a minimum down payment required and no minimum loan amount. These are done directly through the USDA office and take about 60 days to complete. Thanks.
I would suggest looking into a USDA direct loan. There is no minimum credit score requirement,there are subsidies,depending on income. There is not a minimum down payment required and no minimum loan amount. These are done directly through the USDA office and take about 60 days to complete. Thanks.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
There may be a program in your area that helps people with disabilities buy homes. You can check out the HUD website to get more information.
- wetdawgs
- Contributions:26833
Welcome to Zillow.
It sounds like you are in a situation where taking a step by step approach towards your dream would be most effective. First, get your credit reports and learn your score. Take steps to improve the scores, there are many internet sites that will give guidance (you don't have to pay someone). Credit scores show that you have a history of handling credit responsibly (paying your bills & loans). After a divorce with a controlling spouse, it can take time to fix this up.
Work through the budge of home ownership very carefully. If you can afford $175/month of mortgage, taxes, insurance - how much can you afford on home maintenance? Furnaces, roofs, water heaters, plumbing, electricity etc all can and do have problems, and the repairs must come out of the home owner's budget. The dream of home ownership can quickly turn into a nasty headache.
It sounds like you are in a situation where taking a step by step approach towards your dream would be most effective. First, get your credit reports and learn your score. Take steps to improve the scores, there are many internet sites that will give guidance (you don't have to pay someone). Credit scores show that you have a history of handling credit responsibly (paying your bills & loans). After a divorce with a controlling spouse, it can take time to fix this up.
Work through the budge of home ownership very carefully. If you can afford $175/month of mortgage, taxes, insurance - how much can you afford on home maintenance? Furnaces, roofs, water heaters, plumbing, electricity etc all can and do have problems, and the repairs must come out of the home owner's budget. The dream of home ownership can quickly turn into a nasty headache.
- Call The Sisters, "Call The Sisters"
- Contributions:373
Hello
First, I was just recently divorced after almost 30 years and also had my credit ruined.
That being said, the first thing you need to do is locate a brick and mortor bank that offers several financing products. Speak to them about your problem but do not let them run your social security number yet. You want to find out what is available for you and what it will take to qualify.
Once you know that, you are entitled to all 3 of your credit reports, free. Go to www.ftc.gov and follow the instructions. You will have to pay for your scores, but the fees are small. This way you can see exactly what it out there and if there are errors you can work on getting them cleared up. This will help improve your score.
Having a down payment of $40,000 is very helpful. The local lender that you find should be able to help you plan a purchase budget.
Homes in the price range will be a challenge in as much as finding something that does not need work or total rehab. It is not impossible to find one but you will have to work with an agent that can stay on top of what comes on the market in your area.
Good luck and remain positive.
First, I was just recently divorced after almost 30 years and also had my credit ruined.
That being said, the first thing you need to do is locate a brick and mortor bank that offers several financing products. Speak to them about your problem but do not let them run your social security number yet. You want to find out what is available for you and what it will take to qualify.
Once you know that, you are entitled to all 3 of your credit reports, free. Go to www.ftc.gov and follow the instructions. You will have to pay for your scores, but the fees are small. This way you can see exactly what it out there and if there are errors you can work on getting them cleared up. This will help improve your score.
Having a down payment of $40,000 is very helpful. The local lender that you find should be able to help you plan a purchase budget.
Homes in the price range will be a challenge in as much as finding something that does not need work or total rehab. It is not impossible to find one but you will have to work with an agent that can stay on top of what comes on the market in your area.
Good luck and remain positive.
- James Gordon ABR SFR SRS, "jmgordon"
- Contributions:171
I am sorry for your past problems but they are not material to you getting a loan. At a 175.00 monthly payment by the time you add principal, interest, taxes, and insurance it does not leave for the ability to purchase a home at a very high price. You need to check with a local loan officer that would be aware of any programs offered.
You may also want to think about purchasing a home in the 40,000 range as taxes, insurance, and repairs may eat up every bit of that 175.00 a month.
You may also want to think about purchasing a home in the 40,000 range as taxes, insurance, and repairs may eat up every bit of that 175.00 a month.
I want to buy my first home. I have a limited income,disability.
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