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what kind of deals can first time buyers get?

my dh's parents is talking about selling their home. and since they live in front of us my dh is wanting to try and buy it. BUT the problem is we are broke, have not so good credit and i don't work outside the home.

i don't know anyone that would be willing to co-sign and i don't think he parents would do owner financing. i know there is things for first time buyers but not sure exactly what. or what we can do. and i really need some advice on this.


Asked by oldfashionSAHM at 8:55 PM on Oct. 27, 2010 in Money & Work

Level 16 (2,514 Credits)
This question is closed.
Answers (6)
  • Glad to see that you don't have credit cards !! I just bought a house and we both have zero credit scores because we do not have credit cards either. There are a couple of banks that will work with you - we used Banc of America and WellsFargo is another one. You most likely will need some kind of down payment though. Ours was an FHA loan and required 3.5% down. Depending on the bank and type of mortgage, you might be able to "borrow" the down payment from your DH's parents (they would make the house price be 3.5% more than it actually is and say you are paying that 3.5% as down payment). You are going to have to show your income - even if you work from home, as long as you can prove your income to the bank, that's all they care about. We also had to show that we had 5 other things that we pay on a regular basis - the phone, cable, electric, cell phone, and internet are what we used - had to prove we know how to pay...

    Answer by JustMyOpinion22 at 5:39 AM on Oct. 28, 2010

  • Check into a USDA Rural Development loan if at all possible, they helped us out a LOT!

    Answer by LishaBee at 8:58 PM on Oct. 27, 2010

  • Go to your State's website and check with them. It's not a good idea to buy a home if you're currently broke though. For a regular FHA loan it is REQUIRED for a 3% down payment. Also there are a lot of requirements the house must pass in order to qualify for a standard FHA loan. Honestly, I think it's a bad idea for you to go for this. Because if you're broke now then you shouldn't be buying a house.

    Answer by JazzlikeMraz at 9:12 PM on Oct. 27, 2010

  • I have no advice other than if hes really wanting to buy it , then his parents might be willing to work with you all. I agree though,if youre broke how are you gonna make the payments?

    Answer by OnAWickedNight at 9:16 PM on Oct. 27, 2010

  • we are broke now because we are putting our extra money in on christmas now and at the beginning of the year was was getting out of debt where dh had lost his job the year before. we don't have credit cards to max out for christmas like 90% of americans do because we don't want that kind of debt on us. like everyone else i do want my kids to have a good christmas.

    Comment by oldfashionSAHM (original poster) at 9:17 PM on Oct. 27, 2010

  • had to prove we were able to pay monthly bills since we have no credit cards. I think that is totally stupid because people who live on a cash basis like we do and like you do are actually better at managing their money than those people who run up credit cards and then can't pay them off !!

    Anyway - don't say you are broke - you live on a CASH BASIS and prefer not to have credit card debt - you should be proud of that !!! After Christmas is over, start saving everything you can toward the house - that will also show you can make the payments, etc. Talk to DHs parents and see how they can work with you - at least maybe they can wait a while before they sell it so you have more time to save and maybe for DH to get another job ? GL !!!

    Answer by JustMyOpinion22 at 5:42 AM on Oct. 28, 2010