Good morning. Many of the builders offer a home and lot package if you choose to build with them (usually in a subdivision but not always). If you prefer to find a lot on your own you can do that as well and then contact a builder of your choice to build your new home. As far as extra costs to you, usually landscaping and driveways are extra and any other upgrades you would want in your new home such as solid surface or granite countertops, flooring, fixtures or even a exposed lower level or walk out basement. Keep in mind most builders will work with Buyer's Agents so you want to make sure to pick an agent to work with so you have someone to help you and protect your best interests. Good luck and feel free to contact me for more information or help.... more
Your best bet is to meet with a local and trusted loan officer. they can prequailify you at no cost and let you know if there are any mortgages that you can quailify for. You may want to write a letter if you can explain why the payments are late. Once you are prequalified, then you should look at homes.... more
Start watching the market wow so you are an educated buyer on what foreclosures are going for in your area of preference. Also, choose your Realtor now so you can build the relationship and they can help you watch the area you are interested in. Having worked in the foreclosure market for some time I can tell you that purchases requiring financing typically take at least 30 to 45 days to close. There can be delays, however a good Realtor can research which financial institution owns the property and can give you an idea if delays can be expected after your contract is accepted. Be ready to act fast if you find a foreclosure in good shape and in a good neighborhood. Often times the bank will price the property to entice multiple offers and a quick sale. Please let me know if I can be of further help. Thanks for the great question.... more
550 is just too low for a loan. WHy don't you consider working with someone ( or doing it yourself) on improving your score to 620 which is the minimum for most programs. Within 6 months you should be able to be where you need to.
Faith Home Loans
Get Pre-Approved: http://www.faithhomeloans.com/express.html... more