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Where to start when buying a home for the first time

by Peggy LP
(Joplin MO)

Me and my husband want to buy our first home. We live in Missouri and have two children.

However, my husband's credit score is only 660 and we are lower income.

I am currently a graduate of college and am unemployed. My husband has had the same job for 8 years and makes around 30,000 per year.

Can you please let us know where to start? We do not have money for a down payment so we would need either a loan with this payment included or a government grant for first time home buyers.

We have to move quickly from the property we now live because the homeowner wants to sell this house for a high price, so we need to move quickly.

My mother does own several acres of land and said that we could purchase a mobile home and place it on one of her lots.

Can you please let us know where to start and also how we can get information on FHA loans and down payment loans?

Thanks much,

Peggy

=====ANSWERS=====

Hello Peggy,

Thanks for visiting our website and leaving your questions.

I can see that you are in a difficult situation. It's very hard when you have to move in a hurry.

If I may give you a word of caution, please be very careful since there is an urgency not to settle for just any house. You must work the process in order to get things done correctly.

Your husbands job history and credit score should be fine. Your debt to income may be an issue depending on how much outstanding debts you have.

When you need grant money for a down payment, that may become an issue for you. It really depends on the agency in your area, if they have funds available or not.

Typically they get their funding from the feds about once a year. Since this is early April when I'm writing this, chances should be good.

You need to get pre-approved for an FHA mortgage. You can apply right online by going checking out this link.

When you go to apply, be sure you let them know you're a first time home buyer looking for an FHA 203b Home Loan. This is the best loan product in my opinion especially when it comes to flexible credit, grant money for down payment etc.

Be sure you let the loan officer know you plan to use local grant money for the down payment.

Once you have gotten the loan application process started, take a look at this page for grants in Missouri. You will find some helpful links there where you can locate grant money (if available) in your state.

One other thing you can do to continue your education, I suggest you download my FREE first time home buyer guide. This will help you fast track what you need to know.

You can reply with any other questions to this blog and I will try to help you the best I can.

Please pay it forward and like, share or comment about my website in your FaceBook account. I'm trying hard to keep everything free for others to use and people like you can make this possible by sharing.

I hope this helps.

Regards,

Jeff Ragan



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