Many buyers have less than perfect credit, but if you want to get the best interest rates you should sit down with your Realtor and in turn with a recommended loan officer and find out what you can do to repair your credit, and how long that will take. I have helped many new buyers get on the right path to better their credit, and may be able to help you too. As far as HUD homes, I have been able to find some decent ones for my buyers, but you can bet that almost all need extensive and expensive renovations...therefore the low asking prices. There are many homes on the market that are excellent bargains for you, without as much investment into repairs. Give me a call/text/email and we can talk. Judi 203-915-6766 or email firstname.lastname@example.org.
I look forward to meeting with you.
Diane Marie Goldschmidt, Realtor
Coldwell Banker, Residential Brokeridge
I have to disagree with Candace. I think you should talk to a mortgage broker first. A broker has access to a broader variety of loan products than a single lender does, so is more likely to be able to find a product that is right for you. Depending on how much 'less than perfect' your credit is, a broker can assist you with repairing your credit. If you would lke the name of some very good brokers, please e-mail me and I would be happy to provide you with a few names of ones that I have worked with.
As for wanting a HUD home, why? Typically HUD homes are not in livable condition, which would cause other obstacles in getting financing. The only advantage you have in bidding on a HUD home vs. any other listed in the MLS is that as an owner occupant, you can bid before an investor can.
I can show you all of the suitable properties available, including and HUD homes, so that you can get the one that is best for you and your family. If you would like help with this process, please contact me at email@example.com or (800) 525-7793 x 1002.