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If your heart is set on this particular house and the owner is willing, I would suggest that you sign a Lease purchase agreement with the SELLING PRICE INCLUDED in the contract and option to buy after 1 year. Make your payments on time and by CHECK ONLY for 12 months. Work on your credit in the meantime and then after your 12 months is up, apply for a loan through a local mortgage broker. The 12 months canceled checks and 2 years in the same job field will be very important for you. Now when you convert your lease purchase to an actual conventional loan it will be a refinance which means that your loan amount will actually be based on the appraised value of the home at that time, not the selling price. Best of Luck

by Cynthia L

3 years ago

Asker's Rating: 

Go to your local HUD office... there are many federal programs that help low income families become homeowners...

by Frog- 3 years ago

go get a hud application and also ask your county extension office for other applications, there are all kinds of loans for single parent

by Sandicheeks- 3 years ago

If its your first house purchase. You should call your town hall and ask about their first time home buyers program. They will pay for the down payment and ask what else they can offer you. Good luck.

by alwaysme- 3 years ago

Right now the lenders are hesitant to lend any more unless you have excellent credit. ask the lady to let you make a down payment and monthly payments. she will then get the interest and more money in the long run, and if you dont pay, she gets her house back. good luck.

by cantankerousoldlady- 3 years ago

Here in Iowa we have a thing called section 8, it will help pay a protion of your rent when renting a house, they also have something for 1st time low income home buyers...check it out in the government listing in the phone book under housing. GL!

by Christy- 3 years ago

My wife and I are in the same boat that you are. There are lots of government programs for low income and first time home buyers, but the problem is this.....most if not all require good credit. You might be able to get a sub-prime loan, but be very careful.....that is exactly what caused so many people to lose their home.

by Grape Ape- 3 years ago

try Bank of America, Im not sure if it is different in your state, but they have a first time home buyer program, you can have two 30 day lates on your credit , no collections, or have them paid off. You must make under $50,000 a year, and it is a great program call your local branch and see if they have a Community Commitment Program or something like it, the rates are great like 6.25%.

by amanda h- 3 years ago