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Old 03-14-2007, 03:12 PM
 
Location: Burlington VT
1,405 posts, read 4,504,392 times
Reputation: 551

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Quote:
Originally Posted by JenM View Post
Hello,

I didn't know where to post this, so I decided here was the best place. My husband and I really want to buy a house; we are tired of paying rent. We are tired of raising our three kids in a very tight space. I live in Michigan where house values are drastically dropping. We feel that now would be a good time to buy. However we are low income with poor credit. I'm not even sure we would qualify for even the smallest loan. I am afraid to go to a real estate office for fear I'd be laughed at. Are there any loan programs out there for families like us or is it all just a pipe dream?

Any advice you could give would be greatly appreciated! Thank you so much for your time!
JenM -

I'm afraid these threads do tend to wander on and off topic...

I want to underline the terrific advice offered by herinfla above.

The Home Ownership Center does a wonderful job helping prospective first time home-buyers prepare. If there's an office near you, (I'd wager there is) I believe you'll find thier classes and individual counselling will be enormously helpful.

The Home Ownership Centers are run by HUD and they cost nothing. Clients of mine have actually been given slightly under-market loan loan rates after taking thier classes, and they even work with buyers on budgeting after the purchase at the buyer's request.

Best of luck to you!
David B.
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Old 03-14-2007, 10:40 PM
 
Location: Illinois
250 posts, read 886,459 times
Reputation: 171
Wow! What an enormous response! Thank you all so much! I will definately check out those classes and see if a loan is attainable!
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Old 03-15-2007, 12:14 AM
 
6 posts, read 17,324 times
Reputation: 15
Default Jen Wants a home

Hi Jen,

I am not from your area but given the info you provided you may have a difficult time getting a loan these days. Mortgage companies are finally coming to a halt, at least reputable ones, in giving loans to folks who really do not qualify based on income and credit scores. BUT...b/c there are homes sitting and not being sold especially in areas such as yours you may be able to get into a lease option to buy program with a seller. Don't ever feel that you will be laughed at - it is always a positive thing to challenge the obvious b/c it just may not be so. Please be careful of preditor type lenders and just make sure you don't jump into anything you really can't afford. I applaud you for at least getting information that will guide you in the process. We all started out there at one point...best wishes to you and your family (-:
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