What are my options for 1st time homebuyer, my credit score is 580?

1) For a complete list of housing and loan programs offered by HUD, use GovBenefits.gov's Federal Agency Search and select the "U.S. Department of Housing and Urban Development" from the list. For more information on qualifying and applying for the new FHA program mentioned above, contact your current mortgage service or find an FHA approved lender for assistance by visiting www.hud.gov/ll/code/llslcrit.cfm. Check out this link to see if you qualify for a FHA. If you or a spouse is a veteran check out VA loans. They have great interest rates. http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_locate_federal&_nfls=false&_code=7 http://www.hud.gov/buying/index.cfm Which ever way you go for financing just make sure you go with a fixed rate! If you can afford disability or death insurance on top of the payments that pays your mortgage that would help to in the event it should occur. Include your taxes in the payments as well and then you won't have to worry about getting the taxes together every 6 months. Look into foreclosed homes as well. You may find a great deal. Do not pay the asking price. Check out what homes are going for and consult an attorney before buying. They can give you valuable info and keep you from getting scammed. If you are handy at fixing things you could get a good deal on a fixer up and even get a government grant to help you. For grant help go to www.grants.gov. Good luck and make sure you can afford buying a house. HUD site has questions to ask yourself.



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