About amanda6382

Amanda6382,

I know exactly what you are going through! It seems impossible to pay the bills and save for a house.But if I may, I can offer some suggestions.

Grants for paying your bills? NO

But depending on your income, you may be able to get other assistance. HEAP, food stamps, medicaid - all of which can help with everyday expenses. In turn you can take the money you save on those expenses and put toward your outstanding debts.

You mentioned you have 4 kids - but no mention of a husband or the kid's father. If there is no father in the picture make sure you get child support and medical coverage - for all of them! Your local department of social services can help with all of these.  

Now buying a house is the most frustrating, stressful, and exciting process, you will ever go through. 

The first thing you have to do is: Get rid of all your debt.  If you do not qualify for social services , you may be able to get a personal loan - WARNING though - if you do, get a good rate from a BANK ( NO PAYDAY LOANS) and make sure you maintain the payments! If you default on your loans, or skip payments, it can really screw up your chances for getting approved for that mortgage.

You have to have stable employment, and a stable residence - meaning you cannot skip around from one job or apartment from year to year.  STAY PUT!

MAKE YOUR UTILITY PAYMENTS ON TIME!  one missed or late phone, gas, or electric payment can screw things up! Thye use this as alternative credit in addition to regular credit - to prove you can maintain your payments. 

If you have student loans - pay them on time every time.

When you apply for a mortgage, they will probably ask you for a letter regarding any credit difficulties in your past - yes they do pull a credit report and they look at EVERYTHING!!!  Be honest - tell them exactly why you were late or missed payments, but also tell them how things have changed and prove that you can maintain your payments now. 

Show a series of savings. this is probably the hardest part. Put away @ $25 each payday into an account for your downpayment and ONLY your downpayment - you cannot touch this under any circumstances!!!! 

So you have done all this... NOW WHAT?

Well you can try the banks, brokers, blah, blah, blah.. or you can got to NACA 

There are grant programs to assist with downpayment and closing costs HOWEVER, (in my case) I was told I have to be PREAPPROVED (not prequalified- there is a difference!) in order to apply for the downpayment assistance program. NACA seems to be the only program that works with you step-by-step throughout the entire process. with minimal closing costs and fees - please clarify this with whomever you are working with!

So you have done all thsi, you got your preapproval - hwo much can you afford? Well what they ( banks and brokers) tell you and what you know you can afford are sometimes 2 different things.

Hree is a mortgage calculator that may be helpful to you.just type in the correct amounts - dont forget insurance and taxes! Also - remember as a home owner, you will be responsible for things that your rent currently includes - water, cable, garbage, etc -those misc expenses have to be paid too.

I know it sounds overwhelming but it can be done! just hang in there and keep working at it. you can do this!