Financing in Stephenville>Question Details

bdk552003, Home Buyer in Stephenville, TX

no down payment would like to buy not rent, need help loking for forclosure we can up date ourselves need three bedrooms and two baths

Asked by bdk552003, Stephenville, TX Sun Jan 22, 2012

Help the community by answering this question:

Answers

3
I would look into USDA loans. You would not have to have a down payment, but there are cetain guidelines you have to meet to be eligible for the loan. I would speak with a lender and see all of your options.
1 vote Thank Flag Link Fri Jan 4, 2013
BDK,
Your strategy is great but there may be few problems.
With no down payment there is reason to believe you may have financing challenges. If you have been unable to save ANY money, becoming a home owner may not be your best option.

Where would the money come from to update the house you buy?
Have you discussed your situation with any lender to determine the price point you would be eligible to purchase?
You may find yourself in head-to-head competition with well funded investors who prefer 3/2/1 and who will buy quickly and with cash.

You may find spending some time in financially positioning yourself for a home purchase will prove very beneficial and save you a bundle of money.

Best of success in finding your new home.
0 votes Thank Flag Link Mon Jan 23, 2012
You should consider the 100% USDA mortgage because homes in that area are eligible for that financing. The seller is allowed to pay all of your closing costs. There are income limits pertaining to the income-earning adults in the family. We specialize in that loan, and would be pleased to answer your questions. Email me at barbara@thecokerteam.com.
Good luck!
Barbara Coker, Licensed Mortgage Loan Officer NMLS#228545
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Sun Jan 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer