GOOD PLAN, CRAPPY CREDIT

After building my funds up I’ve decided to take the plunge into home-ownership for myself and in the process jump into landlording. Problem is my previous “youthful ambition” has caught up with me. A couple of “businesses” gone wrong, coupled with a dead car and other “life complications” has given my credit a nice kick to the gut.

I’ll technically be a first time homebuyer and i’m intending to take the plunge in february. I know the process in and out, but as far as the incentives to a “first timer” I’m pretty much clueless. My question is posed to those who work regularly with conventional lenders. What sort of incentives, programs, etc. do you see on a daily basis that you would suggest a first time buyer go for? I’ve heard of everything from “gift money” from the lender to matching funds, to grants from HUD. Its a lot to take in when you plan to keep it for youself. Any ideas on a direction to take?

T.J.

Try FHA w/ a down payment assistance program like Genesis or Nehemiah. It will allow you to get into your home with little to no money out of pocket, and will provide the seller with an additional tax write-off.

I'll technically be a first time homebuyer and i'm intending to take the plunge in february.

Are things starting to get better since we last communicated? Are things going well on the property purchase?