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1. Don't waive your inspection
2. Try for an FHA loan for your first home. They allow gift money from charities like Ameridream.
I recently bought a condo on and FHA loan. Had to pay 625 total for the earnest money and inspection. No down payment, and walked away from closing with a check for $479.
Don't forget that you'll also be putting property taxes and insurance into escrow each month, so be SURE you can afford it on top of your P&I. Yes, the P&I on a $100,000 house is affordable for most lower-middle incomes, but if your in a high tax area you could potentially have to add $300/month to your payment.
Most of this stuff is pretty fresh to me, and I did a considerable amount of reasearch in this area before my purchase, so PM me if you want to know anything specific.
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