We want to buy a house.. but.... we need help

[Hawkeye-X]

We need help looking for grants/financing plans that will allow us to pay monthly payments. We can afford up to $1,100 - but our credit together averages out about 600-650. We're working out a budget to be able to pay for the house and everything.

So Anything would help, so if you can come up with something that would enable to buy our house around the city of Denver (yes we know about the community housing plans, but we don't qualify due to our median income of around $55-65K/year.

[LostinVA]

1. If your debt isn't too bad, an FHA would be perfect for you

[BOSSHOG]

2. Think Small My Friend

Small mortgage (fixed rate of course), maybe a little less house then what you have an eye on. We have so many friends that got that big house and can't afford to eat out because of the mortgage. May I suggest that you budget up to a hundred extra a month to be put towards your homes principal. Pay that sucker down; its an awesome savings account. And factor in escrow increases in your calculations. Taxes and insurance will go up and possibly faster then your income will.

I don't mean this to be a downer but I hope you get a house you are happy with and not worried about the payments each month rather then the big honker you've always dreamed of which will make you a slave to it.

Okay, old fart counseling session off.

[Zywiec]

3. What do you mean

"plans that will allow us to pay monthly payments"? I've never heard of a mortgage that was anything but paid monthly.

[cobalt1999]

4. I'd be worried about buying a house that is above your rated level.

There is a reason financial institutions calculate what you can afford. You may think you can afford more, but add in all the extra costs of owning a home (insurance, taxes, repairs, lawn maintenance, termite spraying, etc) and you might find the financial institutions are correct after all.

I'd hate for you to end up with a foreclosure like so many did in recent years due to the relaxation of mortgage standards.

[LibraLiz1973]

5. E Loan

www.eloan.com

[GOPisEvil]

6. Look up the genesis program.

No money down, and no private mortgage insurance.