I've had the desire to buy a house for the last two years but kept putting it off for various reasons (the latest of which was saving up for our wedding that happened in September). Recently we learned that MSHDA is giving a $3k grant on a first come first serve basis to first time homebuyers, so now my husband and I are officially on the hunt!
Already talked to a mortgage broker (apparently my credit is even better than I thought it was!) and it looks like we're not going to have any problems getting any kind of loan we need/want.
I've already purchased "Home buying for dummies" and am making my way through it, but can anyone break down for me why it might be a BAD idea to do an FHA loan? FHA is what we're leaning towards at the moment, but I'm not even sure we can qualify with the types of houses we're looking at (we're interested in $25,000-$45,000 houses that need a little work but are livable).
Our first round of looking at houses starts tomorrow - can't wait!
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