Profile picture for user5603935

Im buying a house rite now and Im a first time buyer with low income,will I qualify?

Well, can I receive the 8,000 towards the home? And I'm a first time buyer and meet the qualifications.


  • June 06 2012 - Decatur
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Answers (6)

Profile picture for JimTrueblood
I highly recommend you contact a local lender.  They can look at your full financial profile and let you know.  Many states have special programs with little down for low income buyers, as long as your credit is good.  It varies state to state so check with a lender in your area.
  • June 06 2012
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Hi, I am not sure what your income is. there is a wide range of so call low income. the income is one of many aspects that will be conssdired to see if you qualify.
Other aspects are your credit score and your debt to income ratio.
Yet another crucial aspect is the amount of cash on hand to purchase. Do you have 3.5 % to cover down payment plus about 3% for closing cost.  Though many sellers offer closing help, you should be prepared to pay it.

Furthermore you should have some savngs preferably six months worth for a rainy period.

There are programs in many areas to help low income first time buyers. see a lender and a realtor.
Best of luck
  • June 06 2012
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Profile picture for Ofe Polack
I suggest you contact a lender and discuss your situation, you may qualify for a USFA Rural Development loan, if you meet their criteria.
  • June 06 2012
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Profile picture for wetdawgs
If you are referring to the Federal  $8000 federal first time home buyer's tax, the credit ended a couple of years ago.   Perhaps there are some local programs in your area.

So, if your current income is sufficient along with credit scores and saved up down payment, closing costs and emergency fund, then you can buy a home.

  • June 06 2012
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Profile picture for user5603935
Thx so much for all your replies, I guess I asked the questions in 
the wrong way.I did qualify for the home,but I really wanted to know
about the 8,000 tax credit so you answered that as well :) thx for all 
of the honesty!
  • June 07 2012
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You should speak with at least 2 or 3 different lenders.  Some lenders use "alternate credit" to score - meaning paying rent on time etc.There are several different loan products available with 100% financing, like the FHA+.  Shop around and see which product suits your needs best.
Good Luck!
Tami
  • June 07 2012
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