The $8k bribe for homebuyers is effectively dead now. within 9 months prices should drop more than that amount. Over the next 1-3 years the alt-a crisis will appear and prices will have to react in a downward manner. Prices in most of the country are still above historic norms. They have a lot more to drop.
You should ask about a FHA loan. Those are available still. Low interest rates, low downpayment, but higher fees attached. Give them another 6-12 months they may not be so available. Right now the FHA is having troubles financially, it is likely to get worse. If you are a veteran ask about a V.A. loan. They offer almost nothing down loans. You need to fill out a form then wait awhile to be approved.
Finally, look at foreclosures. Some of them may be very affordable right now. But do not look at auction homes. You can find that they have several other liens against them besides the banks mortgage.
If you can get a prequalification letter to show you can get a mortgage ( or a bank statement showing cash) you should be able to find a realtor to work with you. If you find out that your income is not enough to buy a house consider a trailer, or better yet a double-wide. They are almost like a house, but not quite as nice. A double wide may cost very little more than a 14x80 trailer would. after all, a 28x40 double wide IS the same size, just laid out differently and requires only more towing charges and labor to put together on your lot.
You may call up different realtors and ask if they specialize in foreclosures and short sales. They should be used to people looking for cheap houses there.
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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I work with everyone, no matter the price point... If I can help in any way, give me a call or text.. everyone buying a home deserves the right to have someone represent them!
It's been awhile and hopefully you have attained a home y now, but if not give me a call...
Jason Bustelos; LREB
New York Realtor Group
***LIVE Online Chat***
As Donna pointed out, your expectations may be unrealistic. Many buyers in this market have the mistaken belief that they can fit their high expections into homes in a lower price bracket, i.e getting a 300k home for 200k. You must be realistic. When your expections meet market reality, I am sure you will have no trouble finding a qualified agent to work with you.