Looking for a teacher mortgage or anything with no reserves!!

[Anonymous]

Hi all,

I am trying to find a mortgage for my first home. I am a teacher with limited money to put down.  I also have a down payment assistance program that will pay half of my down payment up to $5000.  (in a no interest loan) but they don't work with FHA.  I guess I need to find a traditional loan that I can afford the reserves etc.  The house I'm looking at is around $120,000.  I am "pre-qualified" for 185,000 , but my credit scores are in the 640's.  Anybody know of any loans with little or no reserves??

Thanks!!

[DallasLoanGuy]

reserves arent required on fha or conventional..... they are just one of the factors.

i dont understand the down payment asst program. can you tell us more about it?

ask your lender and realtor about "teacher next door" program.

http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm