Originally Posted by pooter13
Thank you everyone for your posts. I finally have found a way to buy a house with a FHA loan. You put 3.5% down, we own it and it's not a second home but a primary resident without the 20% down as with a conventional loan. FHA was setup so that people with low incomes can buy homes. This is really good news, if now we could find one in our price range. I have learned alot about mortgages and I'm so glad I found out FHA, I was ready to give up.
This is truly your best bet, however, I recommend a few tweaks to your daughter's credit for a score and then you can get the best rate available. It won't take much and could be as simple as adding her to a couple of your accounts that have an excellent history, accounts that may carry a small balance.
A little bit of foresight will yield great savings.