Judy - If the property you mentioned or another one like it is or becomes available we have a loan program that makes your down payment financeable unitl you get your first time home buyer tax credit money. You would pay $26 a month to finance 3% of the 3.5% for the FHA down payment. This means you come up with a $450 down payment. When your tax credit comes in you can then pay the $2,700 back or use the $2,700 as cash in the bank for any purpose.

Agent Jerry O'Malley is right on about the 100% Financing Program usually found in the areas where home prices are in the $90,000 range. It's a great program and there is no limit to seller contribution towards your closing cost. You can also use the appraised value if it comes in higher than the purchase price to help finance the closing costs and beat other deals by not asking for as much help from the seller.

To open a escrow cost $500.00 weak , strong $ 1,000.00 or better. closing cost can be credits from seller. Also a if you are not in the City of Redding you can get 100% USDA loan, some requirements. Check with your lender.

Sorry, was thinking of another question. It should cost you nothing to make an offer on a property. A bank should pre-qualify you for a loan for no cost, and you may put up a small downpayment with your offer, but you will get that returned to you if your negotiation is unsuccessful.

This is a general answer to your very general question! If you are buying it though a realtor, they should be able to show you enough comparable active listings and under contract and sold homes for you to make an educated valuation of what it is worth. If you are buying it directly from the owner, a local realtor should still be willing to share listing info. with you on similiar homes, so you can make a determination. However, 1st prize is always that it's best to see INSIDE comparable homes rather than just looking at printed information.