What steps do I take to try to buy a house?

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My husband makes a little over 24,000 a year, we have 3 kids and not so good credit. I really want to buy a house or even a manufactured home. I just want to own my own home! What are my chances of getting a first time home buyers loan? Will I ever achieve my dream of owning a home?

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One comment to What steps do I take to try to buy a house?

  • dday2086  says:

    Step 1. Pre-qualify.
    -- Work out a Buyer’s Budget -- know how much you can really spend on buying a home. Don’t just take for granted you can meet th payment because you qualify. Planning now should save heartache later.

    Step 2. Work to fix any issues found during pre-qualificaiton.
    -- This may mean saving money for a down payment or closing costs or adressing a credit issue.
    Step 3. Do your homework. -- Find out what programs are available in your area. the lender you pre-qualify with should be able to provide you with this type of information.
    Step 4. Look at non-comventional purchase options.
    -- Lease/purchase options, Real Estate Contracts Mortgage Assumption.
    Step 5. Don’t “Emotion Buy”. Shopping for the best purchase price, loan program, lowest closing cost package, buyers home warranty can save you thousands of dollars.

    Agencies like HUD-FHA, USDA Rural Housing and the MFA are just a few places to look for help. You can own a home, effort and time if needed will get you there.

    Here are a few links which should help you;

    Dept. of Housing and Urban Development
    HUD’s Homes and Communities Page is a clearinghouse of information and services about homes and communities for citizens and for HUD’s current …
    http://www.hud.gov

    National Low Income Housing Coalition
    Dedicated to ending America’s affordable housing crisis. Weekly news and alerts about affordable housing.
    http://www.nlihc.org/

    Enterprise Foundation
    Enterprise helps build affordable housing for low-income Americans by providing financing and expertise to community and housing developers.
    http://www.enterprisefoundation.org

    New Mexico Mortgage Finance Authority
    The New Mexico Mortgage Finance Authority (MFA) is a quasi-public entity financing housing and related services for low to moderate income and
    http://www.nmmfa.org (Every state has a MFA office I just wan’t sure what state you are in by contacting this office they can point you to your’s.

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