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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Hi.

We're a one income family of four. I have yearly salary of $32,620. Our 6 yr. old son receives SSI for his disability. Our credit scores are in the 520s.

1. How can we qualify for downpayment assistance?

2. Is there a special program for families with a disabled person?

3. As first time homebuyers, can we qualify for a home loan with our credit?

jmarr91 · Posted: Sun May 24, 2009 2:05 pm Post subject: Down Payment Assistance

Your score needs to be at least 580. What State are you in?

eric1 · Posted: Sun May 24, 2009 5:37 pm Post subject:

Honestly, it may be better to rent for at least one year while you work on your credit scores and save some down payment dollars/

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Your score is too low for any loan.

You need to be close to 620 to get even a FHA loan.

Down payment assistance programs have dried up.

So rentign is the best option as of now.

gmakerley · Posted: Tue May 26, 2009 10:15 am Post subject:

on the contrary, geni, there are plenty of down payment assistance programs still around. even in states which no longer offer bond programs for first time homebuyers, there are down payment assistance programs.

you are, of course, completely correct that our poster isn't going to be qualified for much of anything at this time, due to credit. fha is requiring 620 these days. i don't know where that 580 number came from on the earlier post.

Guest

There are a few lenders left who are doing loans below 620. I received a clear to close on one of my deals yesterday. You just need to check and see if one of those lenders are licensed in your State. My borrower is a FTB and has a score of 562. ..No Judgements, No repo's , No BK's

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

To any one with lower credit score my suggestion woudl be to work on imprivign your credit score. Housign market is not goign run away from here and it will be really logn before it can come back to 2006 levels

Watch your monry ans score

good luck

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Down payment assistance.