[doodlebug]

My husband and I would like to buy our first home, but don't have great credit. What are our chances of being aprroved for a home loan? Also, are there really programs out there for first time homebuyers? For example, I've heard of getting a government grant for a down payment. Is this really possible?

[dolphyns2000]

Yes, there are government programs available to help. My husband and I have less than perfect credit and were able to buy a home and get 100% financing (not a predatory lender, or an ARM). I would go see a mortgage broker...they are equipped to search for the best loans for you and they know about all the programs. That's what we did and inside of 3 months, we were in our 1st home.

[peter h]

12 months ago it would not hav mattered but because of all the mortgage problems now banks are being very careful who they lend money to you may have to try lots of companys to find one to lend you money. good luck

[tmarie5150]

I just tried to get a home loan and the lender sent me my credit report showing me the outstanding balances me and my husband still have. We mostly have medical bills but the stuff that has been sent to collections is what looks bad so it all depends what your credit report is going to say. I'm going to set up payment plans and work on the collections stuff first then apply again later. Good Luck.