Financing in Lagrange>Question Details

Kalpat, Home Buyer in Lagrange, IN

Any advice on purchasing a HUd forclosure for 55,800 with a high score of 582. VERRY low down payment if any. HELP

Asked by Kalpat, Lagrange, IN Wed Aug 17, 2011

The home is on a solid foundation, and is PERFECT for our family. We have never purchased a home before, and we have no clue as to the steps to take or the right people to talk to. Any help or advice would be of great thanks!!

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There are few lenders that will touch that score but they can give you great advise and some know how to get it you quickly. So you do need to start with a lender. Even if you miss this opportunity, you will be more ready should another come along so it is NOT a waste of time. There should be no charge so that is the place to start.

When purchasing a HUD home there are ways to write the offer that put you in a better position so talk with a Realtor from your area that is familiar with the process. Do NOT go over asking price because here , they have already done the appraisal and you will be obligated to pay the difference between appraisal and offer.

Good Luck!!!
Kindest Regards,
Dianne Hicks
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0 votes Thank Flag Link Wed Aug 17, 2011
FHA requires a 3.5% down payment. USDA still has no down payment options. I think you should talk to a good mortgage banker to find out what your options are. They will be able to tell you what you can do today, what you may need to do to improve your credit score, etc., so you can buy at some time in the near future and what options there are as far as down payments, down payment assistance, any potential repair costs and what payment you can affordl
0 votes Thank Flag Link Wed Aug 17, 2011
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