Hi, we would love to have you here in Maine. First, it sounds like you may qualify for the $8000 tax credit that expires 12/2009. So, I would not hold off too long. Judging by what you are saying about your credit history that should be a non-issue too. Your best bet may be a USDA or FHA loan. Visit http://www.DaleDoughty.com to learn more about me and products available.

I also have a great Realtor that I use to buy some foreclosure properties of my own and refer people to. She is really great. Visit my website and let me know what I can do to help!!

It's important to remember that you are both borrowing money and mortgaging a home. In that regard, both you (in terms of credit and ability to repay) and the home (in terms of condition and value) will come into play.

The process best starts with you. It's really a bit early to start considering what specific property to buy since the market will likely be totally different a year from now. Getting prepared for relocation would best include working with a qualified lender to have your finances in good order.

I would further suggest you begin a "study" of the area... This is a rural area with several "pockets" of commerce and employment. So questions regarding where you want to live (geographically) and where you will work are important.

I do think you'll be pleasantly surprised at how affordable housing is in the Dover Foxcroft area! It is highly likely you'll be able to find your home without resorting to a foreclosure "deal." I often tell buyers, "Don't buy the price; buy the property." If you focus on foreclosures you'll be eliminating lots of wonderful (and affordable) homes!

First, connect to a real estate agent in the area - a good one. Possibly your family can refer you to someone they've used in the past? Ask for a referral to a local lender - you want to be approved first (otherwise, you spend a lot of time looking at houses you want without knowing what they will really cost you in down payment and monthly payments - you need to know that). Use a lender, not a mortgage broker.

Then, start watching the market, ask the agent for market information and a good web site where you can look at listings online. Start educating yourself. You are already doing that by being here and using this resource - it's a good first step, and keep doing that.

Here's some information on the types of sales in the market place. It's ever changing and varies from locality to locality, but as for foreclosures (known as REOs) they are generally consistent. Your agent can give you the latest, greatest information and tell you what is more common in that area, but this post will help you ask good questions:

Congrats! To make sure you can take advantage of the tax credit, don't wait too long!!

Why a foreclosed home? Would you be interested in a non distressed home that is just as good a deal as a foreclosure? They are out there! Don't overlook them!

Hi,

I am a home inspector... not a realtor... but fortunately I see a lot of homes just as they are being taken over by the bank. I currently don't have anything we are looking at in the Dover Foxcroft area but will keep an eye out. Send me an email so I have your contact information should anything come up.

Best of luck

You might be interested in following the steps suggested by HUD to home buyers purchasing from them.
They break it down step by step and provide the tools/resources to follow the process. They will also provide free counseling to answer questions ect.. http://www.hud.gov/buying/index.cfm

Comprehensive Q&A about homebuying, very informative ... http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm

Look at sites like this where you will find all the info about the steps needed....
http://reosearch.fanniemae.com/reosearch/ .... http://hud1.towerauction.net/ME.htm
http://www.countrywide.com/purchase/f_reo.asp
You can find the links to the bank/gov sites here...http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp .... http://www.biggerpockets.com/bank-reo.html

More good help and info for the homebuying process... http://www.fhaoutreach.gov/FHASelf/

Dunes

Hi,
Sometimes it is best to see how much you qualify for before house hunting. A local loan officer from your bank or a local mortgage broker will easily and happily assist with this. They can also give you advice on credit and the easiest(and cheapest) way to build some more credit if that is what you need. Once you know what you can afford, it is easier for you and you real estate agent to narrow down the properties in the area you are looking. If you are an online person you can do a mortgage search and there is usually no obligation to see what you qualify for. GOOD LUCK!