I have been employed with the same company for over 6 years, making about 30,000 + a year and husband makes about 15K per year with a combined income of $45K per year. Our credit score is around 650. We've just purchased a car recently and really don't have a lot of bills other than the usual household/living expenses. What price range could we qualify for in Hemet. We don't have anything for the down payment either. I would love to own my home one day, but don't see how to get started. Would rent to own be an option, or how do I go about finding someone that would finance us. Any suggestions would be appreciated. Thank you, Dee

You should be able to qualify for a FHA mortgage. They are excellent for first time home owners.You only need 3% down payment. The seller can also help through negotiations to help provide downpayment assistance.They are also first time local/state homeowners programs who help provide most OR all of your down payment needs provided as "grants", so you don't have to pay that back.Google "homeowner downpayment grants" or first time "homeowner downpayment assistance" etc. Finally local real estate agents could point you in the right direction as well.Good luck.

We're going through the same thing right now, trying to figure out the best way to get started.I haven't heard anything good about rent-to-own. Everyone I've talked to has told us to just look into buying outright.Pretty much what we've been told is to get all our income information (including last year's w-2 forms) and go to a bank that we have a good relationship with, and find out how much of a loan we can prequalify for. Doing this will give you a maximum dollar amount to look at.I've also been told that for the first time buyers, it's a good idea to use a real estate agent.There are certain programs and grants that you can get sometimes for buying your first home, which could keep you from having to have a down payment. Ask the loan officer at the bank or the real estate agent to help you find out about that.

With a 650 score you can get a loan with 100% financing. You do not need to go with an FHA loan either. Not knowing exactly what your debts are - and assuming a $400/month car payment, you can afford a home up to about $200,000 with an estimated payment of $1,382 including escrow. However, you need to find a payment that you are confortable with and not necessarily the most expensive home you can afford. Let me know if I can help any further.