House buying questions

AAAAAHHHHH. LOL We are currently going through the home buying process and my wife and i are ready for it to be over. Let me tell you first that it's one of the most stressful things that we've ever been through in our life together. We went to Lendingtree.com as a lark. Because the worst someone can say, is no. We actually had 4 lenders call us. Our credit is not the greatest and we had NO money to put down. None. at all. And we got preapproved. First let me tell you, before you find a house you love, preapproval does not mean loan approval. We qualified for an FHA loan, (they're a little more lenient on credit) and then through the Kentucky Housing Authority, we found out we qualify for a 4500 assistance down payment. So the state is paying our down payment. to qualify for an FHA loan, you don't necessarily have to have stellar credit, but you will have to pay off everything in your credit that you owe(except medical bills). And you do have to get some letters of credit reference if you don't have good marks on your credit. You can get these from your Utilities companies if need be. Also, what they don't tell you, is that there are several things you'll have to pay for. If you qualify for an FHA loan, you'll have to pay for an FHA appraiser for the house. at 400 a visit. So if you find a house, make sure it's the one. There might also be other inspections required such as a home inspection (different from appraisal) termite inspection, etc etc, all of which you'll pay out of pocket. From the realtor side of it, they'll expect something called a good, great, i just forgot the word. Basically, they'll expect you to cough up at a minimum 100 dollar for the realtor company to hang onto. That will go to the sellers of the house if you back out for their time and efford. Seriously. the sellers might not ask for it, but the realtor will. guaranteed. If you do go through with the closing, you'll get it back at closing. If i remember the exact phrase for it, i'll write you back, but we got off paying 100. Now the really really big thing is, just b/c they approve you for a 100,000 dollar house, doesn't mean you can afford it. We were approved for that amount, and sat down and started adding up. yes, we could afford the initial 700 a month house payment. But don't forget your escrow per month, with the various taxes, and insurance's you'll need, which could boot your payment up anywhere from 100-300 a month, so always take that into account. We're buying our first, and it has been a serious learning experience, and any questions i can answer for you, i'll be happy to. But the main thing? You guys should try going to lendingtree.com or somewhere else, because you just never know. instead of the no you expect, they just might say yes. Just beware that it can be a very stressful and slightly expensive process. But the plus side you remind yourself of, through all of that, is you'll be owning. As for HUD i don't really know that much about it. But your loan officer will, and if you have other questions, you can always call your local HUD authority. But there might be a waiting list if you're looking for more renting opportunities. Good luck!!!