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Home Buying in Farmville : Real Estate Advice

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Activity 3
Wed Feb 8, 2017
Jessica Bateman answered:
FHA 203k loans require a 620 credit score. A streamline 203k loan will loan you the money for the house, and give you a second loan of up to $35,000 for repairs.

If your score is below that you can consider finding a different home and getting an FHA loan which requires just a 580 credit score. Contact The Lenders Network they've helped a few of my clients get approved with not-so-great credit.

Good luck!
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6 votes 15 answers Share Flag
Tue Nov 11, 2014
Dan Tabit answered:
Lease to purchase or Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.
Resolving credit issues isn't rocket science and a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.
Most people in your position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.
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Fri Nov 19, 2010
Gene Hacker answered:
There are many many other expenses other than the cost of the home and land.

I helped an investor with a land home package. We found a repo newer double wide home for 15k (75% off the price if new). We got him a really good deal on the land at 20k with pad in place. At the end of the project (permits, moving, set up, utillities, ect) he had $65k total invested.

The "little things" add up fast.
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