Elizabeth Weintraub

Effective July 14, FHA has assigned risk-based premiums that is based on the borrower's FICO score. So, you will pay a bit more but you should be able to get a FHA loan. I work with an excellent mortgage broker who specializes in FHA loans, should you want to pursue that avenue.

For example, scores range from 850-680, 679-640, 639-600, 599-560, 559-500 and 499-300. If you receive HUD approved counseling, as a first-time home buyer, you basis points may cost you only 200 for upfront mortgage insurance premiums. But you really need to speak to an excellent mortgage broker, and loans are not my specialty as I specialize in real estate.

Also, bear in mind that the FICO scores you can get and those obtained by a mortgage broker will be different from each other.

As for the down payment assistance programs, you'll have to hurry, because it's highly likely that President Bush is going to sign legislation very soon that will eliminate those programs.

I would suggest you contact Evelyne Jamet at Vitek Mortgage: 916.452.8800. She can prequalify you over the phone. If your FICOs are higher than you suspect, she may have other options to present to you. - Wed Jul 23 2008, 07:23

You sound a bit frustrated, and I bet I know why. I've been closing a lot of REOs and can certainly help you, as can any number of other agents on Trulia. For help with REO offers, you might want to Google Reo Tips. - Tue Jul 22 2008, 15:25

I figure you've already checked out these areas and realize that turn-key homes in Arden and Carmichael are not for sale at $160,000. But don't let that stop you. You can find REOs and other fixers under $200,000. That's the good news. The bad news is when you do find them, so will 20 other buyers, and multiple offers will ensue.

What I suggest you do is align yourself with a good real estate agent who can identify these homes -- and those in other areas -- that meet your criteria before others find them! I'm sorry. It's a tough market out there right now for homes under $200K. - Sun Jul 20 2008, 19:51

Here is the link to the page for all the tax sale properties in Sacramento County. It is the Sacramento County Tax Collection and Licensing Department:

http://www.finance.saccounty.net/Tax/TaxSale.asp

Tax sales in Sacramento County are held the last Friday in February, so you've already missed this year. But the list of available properties is published online in early December.

If you're looking for the federal government-seized properties that available at auction, you can go to: http://www.ustreas.gov/auctions/ - Sun Jul 20 2008, 06:35

Hello Percy: How quickly would you like to buy and in what price range? Since we sell the bulk of the homes in East Sacramento, I have set you up on an exclusive link for new listings that other agents don't have access to, and I have a sent you a MLS map search within the boundaries you have specified of homes for sale - in addition to specific information about me. - Mon Jul 14 2008, 14:35