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Mortgage Library: Ask a Mortgage Related Question: Answers: Downpayment Assistance
Check with your city hall and county offices. Often there are funds available for urban renewal projects or income challenged families. There are programs available like Genesis that will give up to $22,500.00 in your behalf , however the seller of the property has to make a donation from his/her profits equal to the gift. Your best option is probably to find a sale by owner home that the seller will carry a second lien for you, however with the credit you describe, most lenders will require the first 5% down will come from you. Another option is to lease/purchase, keeping careful payment records and refinance to a proper mortgage after 1-2 years. If Engle Homes or Kimble Hill are building in your area, I know they can participate in the genesis program.
If I can be of service, feel free to contact me.
Coleen Oxley @ Lone Star Lenders.
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