A Realtor can guide you to the people who can help you - what you really need is a top notch lender who knows all these programs as they are the experts in this field. Lenders are the ones who specialize in finding the type of loan you are looking for. If you need some links to a couple or lenders, let me know I would be happy to send some. If you are working with an agent they should have this information for you. If you need an agent (I am in the McKinney area), let me know as I love working with first time buyers and would be glad to be of assistance. Just drop me a line or give me a call. Good luck to you on the purchase of your first home.... more
Yes indeed there is...but he has to purchase fannie mae/freddie mac owened homes and utilize home path financing. Other than that...you will not find a loan for less than 20% down not because lenders won't do it, simply because no mortgage insurance company will insure it.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
You are correct to assume that the disrepair of the property will affect the appraisal. The ony way to know how much it will affect the value is having an appraisal done. However, if you have paid cash for a property, and their is no current lien on the home, then it stands to reason that there is a value to the propery that can be tapped in order to generate the funds needed for the repairs (however it certainly won't be the $560k-$750k value that it will be after repairs).
Your Realtor should be able to recommend some lenders that can assist you with the process, however if you require assistance or other recommendations, please feel free to ask. I am happy to assist you in any way.
Coldwell Banker Jane Henry Realtors