Keep in mind that, when you interview and try to find a realtor to work with, not all agents can help with foreclosure homes. The process takes much longer and the success rate is lower than regular purchase. Agents earn the same % of fees. Also, it requires more expertise: legal (to deal with lender/bank); repair (foreclosed homes not in good condition); and financial (special mortgage, etc). But the reward to the buyer can be high.... more
You can call twp and ask if your renting is legal. If you find it isnt are you prepared to move out? Security deposits are normal but so is a lease. I suggest you request a lease even if month to month that will stipulate security as well as rent and what is and is not included.... more
Hi Ted, you've got a good down payment amount there - FHA loans allow a down payment as low as 5% so you are in good shape. Income qualification will be the next criteria - for mortgage, condo monthly maintenance and taxes. Your best bet is to talk this over with a reputable mortgage rep - if you'd like a suggestion, I'd be happy to provide the name of a good one.
What an exciting time for you!
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