James S. Bangs
Freeport, Illinois Realtor for 40 years with over $100,000,000 in lifetime sales
Jes is correct to a point that FHA may be a good choice for you.
However there are many options that you have.
Depending on where you move you may qualify for a USDA Rural Development loan.
This loan is 100% and has NO monthly PMI.
You can also have the seller pay for closing costs.
HUD also has a program where you can purchase a home with $100 down payment for an FHA loan.
This is different than a typical 3.5% FHA down payment.
Many lenders do not work with these programs and will limit your options.
With the FHA loan the seller can pay 6% for closing costs and HUD homes is 5%.
Obviously you have many options to work with.
The best thing is for me to take a look at your financials so i can design a loan that best meets your goals.
Feel free to contact me to put together a few options for you.
The seller will pay up to 3% which is enough for the closing cost.
You will have a choice to do a home inspection.
If you decide to do a home inspection that will be paid by out of pocket by you.
As well for the appraisal.
Best bet is to talk to a direct lender like your local bank, credit union, or broker for a firm answer.
Keep us posted with your progress.
Jes Sierra, B.Sc., RealtorÂ®