Home Buying in 34741>Question Details

Alexander Vi…, Home Buyer in Kissimmee, FL

I am 19years old I recently started working with a company and have ok credit, I had a couple of unpaid bills

Asked by Alexander Vidal, Kissimmee, FL Sat Jan 10, 2009

but I am taking care of them, I want to know what can I do to buy a forclosed house and to say I have no down payment. I would like to buy a 3 bedroom 2b house and I do not have any current bills at the time

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Call the family and see if you can borrow for at least 4% of the purchase price. You can get financing with little money down, but the $0 down transactions are gone. You will need to pull together some cash to be able to close.

Best wishes,
0 votes Thank Flag Link Sun Jan 11, 2009
You may have to establish credit via secure credit cards for approx. one year. Lender also review employment history of 2 years, credit scores, debt ratio, downpayment. Contact a mortgage broker discuss GREAT FOR YOU interested in learning to make money in real estate !. GOOD LUCK... if you done succeed now keep working forward on a purchase you receive annual tax benefits why make a landlord rich when you can own your a home !

GREAT QUESTION
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 11, 2009
You need to be aware that the fact that you have just started your job may affect your chances to obtain financing. length of time in current job is a major factor.
0 votes Thank Flag Link Sun Jan 11, 2009
Alexander,

When dealing with Foreclosures, banks like to see deposit money and an individual that has pre-approved funding.

So here's wher you start. Be in touch with several loan agents to see what loan options you have. Our second recommendation may take more time than you would like but you need to begin setting money aside for a deposit and other relaited expenses.

Good luck
0 votes Thank Flag Link Sun Jan 11, 2009
Alexander, Take your time. Prices are not going up anytime soon.....http://www.bloomberg.com/apps/news?pid=20601068&sid=acFX…
so you have some time to decide...

Learn what's available in gov. loans currently.....http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

http://www.hud.gov/buying/index.cfm ...... The Hud/Fha process

Go over this information on mortgages, qualifying process, predatory lending, and more..
http://www.ofheo.gov/PublicInformation.aspx?Nav=136

If you're interested in a Market area, learn all you can about it...There are a lot of resources for information..
It's a major decision, give it the thought it deserves...

Best of Luck, Dunes
0 votes Thank Flag Link Sat Jan 10, 2009
You may be surprised just exactly how many properties are considered "rural housing" and are thereby eligible for the USDA loans. Mr. Roquet is absolutely correct. Your first step is to speak with a lender to see how your credit stacks up, if the homes you like qualify, and to see what types of programs the lender offers that will benefit you. Don't be afraid to call multiple lenders to see if any can provide you with better options. Loans are just like anything else. You can benefit from shopping around.
Web Reference: http://www.chadmustin.com
0 votes Thank Flag Link Sat Jan 10, 2009
Good Day!

Depending on the state where you reside and the location of the specific property, you may have a couple options for a no down payment loan program. First, through an approved lender your state may offer a "Bond" program. Secondly, if the property you wish to purchase in an area eligible for a USDA loan, that is another opportunity for a great program that doesn't require a down payment. Your first step will be to speak with a lender regarding loan options and an approval. Once your financing is arranged it will be in your best interest to establish a relationship with a loacal real estate agent. Please feel free to contact me with further questions anytime!
0 votes Thank Flag Link Sat Jan 10, 2009
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