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From Stephen Webber, Retired from 34 Years of Real Estate for First Time Home Buyers
A couple of suggestions for you.
People often make the mistake of assuming foreclosures are the good buys. They are not always the best buys and sometimes require cash to clean them up after closing. Cash is not easy for many people after buying a home.
Its important that home buyers learn value in the area and price range they choose. Learn their area so well that it is not necessary to take anyone's opinion of value and so can move quickly when a new best buy comes on the market and move confidently through negotiations which in this market is often competitive.
Be sure the Loan officer you choose is familiar with the MCC Tax Credit for firs time home buyers. This is the best tax credit yet and will save you hundreds of dollars each month.
The FHA 203k loan is one of the best loans in existence. A fixer loan that will include the costs of fixing, in the loan. The key is finding the loan officer and lender who are familiar with the loan.
If you are a first time home buyer be sure the loan officer you choose is practiced with your State's Agency for assistance and grants for first time home buyers. Some states will grant or loan the required down payment, so no money down.
Become familiar with all of the loan types available to you. FHA is very good but USDA is an amazing loan if you are buying in a designated area. Most who are familiar with USDA agree it is the best loan available if you are purchasing in one of the USDA areas.
Gather up all the objective useful information you can find. Most importantly lean the steps of the home buying process and get the steps in the right order.
The key to all of this is the loan officer/lender you choose and the real estate agent you choose. Critical choices. Article Consultation Interviewing Loan Officers will serve you well.
You will find helpful articles on all of these issues at Your-Road-Home.com for First Time Home Buyers. Trulia is also a good source of information and when you are ready to interview agents and loan officers you will find them from your area offering their services on Trulia.
The articles on Your Road Home are numbered to help you get the required Steps in the right order. If you read them all you will become one Savvy Home Buyer and a happy Home Owner.
Over 25,000 First Time Home Buyers attended the seminars I offered and now the information is on Your Road Home.
Best of Luck, Stephen Webber, Retired after 34 Years of Real Estate for First Time Home Buyers
Yes, you can use an FHA loan to buy a foreclosed home. You should also check to see if they are offering VA Vendee or Homepath Financing. Sometimes you can get a better rate and lower down payment with financing specifically designed for buying a foreclosed home.
Doc Stephens, REALTOR
Yes you can. The home has to meet FHA standards to get approved. If repairs are required try to work with the seller ( bank ) to have those repairs made so the home will qualify. Usually they will work with you if you have a fair offer.
All the best,