Greetings,

Have you looked for any owner financing? I know of a unit at the Hawaiin Inn that has that option.

Hi Jake. I'm a Realtor, not a mortgage broker, but for the most part, lenders are wanting to see good credit. Now if you're just talking about slightly flawed credit, you might be able to obtain financing, but if your credit score is really low, then you're not likely to find financing right now. Also, when you're looking at foreclosures, the bank that owns the property may not even accept a contract from a potential buyer who doesn't have perfect credit. Your best bet is to call around and talk to a couple of lenders and/or mortgage brokers and get approved for financing before you go any further. A pre-qualification letter is not enough for a bank-owned property. They frequently want to see full financing approval before they'll accept a contract. If you need the phone numbers for some local lenders and brokers that I frequently work with, just let me know and I'll be happy to provide those for you.

Also, as Roberta said, you may qualify for an FHA loan. But if you go that route, make sure you work with an FHA Certified mortgage specialist who has plenty of experience! FHA has many programs to help people with unique circumstances. And FHA is very different than traditional mortgages. Make sure you find an FHA specialist who is really a specialist... ask how many FHA loans they've done.

Good luck!

Jake: I am not a lender, but do know that you may be able to have a non-occupying co-signer with an FHA loan. Please call a reputable lender as soon as possible and check into FHA loans--and the $8000 tax credit.

Good luck with your purchase!