Have you looked into FHA funding? It's a federal program that can get you into a home with much lower interest rates than most lenders out there. Try www.fha.com. They will work with less than perfect credit, however if your debt to income ratio is sky high, you will need to do some work before anyone can help you.
A couple of things to remember... 1. You get what you pay for. Sure, you may only be paying $300 a month for rent right now. But, what are the conditions? From your question, obviously not so great. So while buying a home may increase your payment by a bit, it will be worth it for you in the long run. Think of it this way..instead of paying your rent to your sleazy landlord, you will essentially be putting money towards your future. 2. Being a home owner is a big credit booster and big responsibility. Right now we are in a buyer's market. However, make absolutely sure that you can afford this home...if you buy it, you are responsible for the payments and foreclosure is a heck of a ding on your credit report! (5-7 years of no lender touching you).
Depending on your credit situation, it may be wise to rent a better place, like a secured apartment building, for a year or two. Use that time to set aside money for a down payment and/or closing costs. Also, contact a credit counselor to help you clean up your credit report. A lot of times there are inaccuracies on the credit report that you can have removed by disputing them, which in turn raises your credit score.
But, if your credit is pretty good and you think you can afford owning, GO FOR IT! Check our your options...
Good luck!
And what about what Bush has been promoting his first four years that made him such a big hit - individual responsibility and accountablity. one can not make laws to force people with money to give to others but one with money can be taught to voluntarily spread the wealth.
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