There is a great FHA product that allows you to escrow in for repairs. This is a great option for foreclosures since many of them are in need of repairs and/or updates. Please let me know if I can be of further assistance.
It sounds like you are a good candidate for buying a house. Now is an excellent time becasue the interest rates are so low and there is still assistance for first time home buyers. I would be glad to speak with you about all of your options. Normally your first step is to get pre-approved. You want to choose a lender and agent that are very knowledgable about the area and programs available. Not all lenders offer the same programs.
If you are interested in a foreclosure, there are also a lot of thinkgs you need to know. I have dealt with a lot of foreclosures and there are specific things you should know going into it. They can be great buys and good investments, just need to know all options.
I would be glad to speak with you further and give you and recommendations you may need. Feel free to contact me. Thanks!
There are investors / hard money lenders you can try and find, some of them actually have reasonable rates. Try contacting some local real estate agents in your area, b/c they may have buyers they've worked with in the same situation as you and also may have contacts on the lending side to help get you the loan you want/need.
I really believe buying a Home now with this type of loan is a great way to make sure the Home your getting is ready to move into and will have the needed repairs already done.
Unlike buying a foreclosure and then having to repair or re-model it you will have had all the needed repairs done already. And you should be able to choose most of the styles and colors you want, When you move in you will have the Home you want and have the payment you can afford without the needed repairs waiting for you.... more
In the time period you're looking at, it will hurt your credit score. The quickest way to raise your score is to pay down some debt. It's great to owe less than 29% of the available credit per card. Now I know that's more easily said than done. Hope this helps.