financing options for low income buyer

[Rachel Coleman]

I am looking to buy my first home. I intend to live in it, I may use it as a rental down the road but I will definitely live there for at least 5 years. I have a low income due to medical and insurance reasons. I'm just looking for advice, what would be the best loan for me or the best way to purchase a home? I have looked into foreclosures because they do have some good deals and I like the appeal of a fixer upper home. I do not like some of the restrictions on 203k loans but i would be willing to go that route if it would work for me. I do have debt that I am working on paying off before I even try to be approved for a loan but I would like to know what I need to look for in a property for sale and what type of loan I can expect. From my estimate, I should be approved for about 65k. Thanks in advance for any advice. 

[James Galla]

I'd see about FHA, combined with closing cost/down payment assistance, either from programs or from the seller. Make sure to ask your lender and they can possibly help you out.

Another reasonable option you might be able to seek out is a rent-to-own property. Those deals are often posted on Craigslist and sometimes on social media real estate buy/sell groups.

Good luck!