FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!... more
It depends on the age of the home, acreage it is on, location, location, location, updating, appliances and what similar homes have sold recently, nearby. At just under $100/sq ft, it certainly could be worth it.
You can get a real estate agent's opinion. Also, keep in mind that most sales are subject to appraisal, unless you are paying cash. No lender wants to be stuck with a property they can't resale in an emergency. This protects you from overpaying.... more