Question Details

Aleece, Other/Just Looking in 60130

Do you think a foreclosure is a good buy for a first time home buyer? As a first time home buyer what do we

Asked by Aleece, 60130 Sun Jan 27, 2008

qualify for?

Help the community by answering this question:


Don't limit yourself to looking at just foreclosures. There are a lot of motivated sellers out there and you can probably get a good deal too. You may be able to get a deal on a foreclosure, but you will be competing with the seasoned investors on a bid and most of the foreclosed homes need work usually.

Your first step is to find a Realtor that you will trust and has experience with first time home buyers. There are many agents here from the Chicago area, and I am sure they will be getting back to you shortly.

That realtor will put you in touch with a reputable mortgage company that will qualify you for a loan so you know where you stand and how much your monthly payment will be. As first time homebuyers you may qualify for an FHA loan, which is a government insured loan that only required 3% down regardless of credit.

Also, even if you are working with an agent and still have questions, feel free to come back here and ask opinions... those are always free :-)

Good luck in your adventure in finding a home!!!
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0 votes Thank Flag Link Mon Jan 28, 2008
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