hi, I want to buy a foreclosure in 90032 which is as low as possible and have many rooms as possible, because

Asked by Annie, 90032 Fri Feb 13, 2009

my family doesn't have much money and we want to rent some rooms for cash. I searched that many foreclosures are only 30000 but with 4-5 bedrooms. Is this real? If my family is low-income, can we get FHA loan and no down payment?

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Voices Member, , Benton County, OR
Fri Feb 13, 2009
Huong Do, You may want to look at the Gov. site for all Gov. Loans....http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…
Check out the current loans and answer a few general questions to see what you might be eligible for.
Being low-income, you may wasnt to check out the Gov. benefits site and see if there are programs you qualify for....http://www.govbenefits.gov/govbenefits_en.portal

You may want to get housing counseling and advice from the Gov. for free....http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
Check out local Gov. approved homebuying courses to make contacts, find information and become eligible for more programs.....http://www.hud.gov/buying/localbuying.cfm
Spend some time looking at the Hud listings of properties for sale.......http://www.hud.gov/homes/index.cfm
Read through the Hud and FHA site about buying...http://www.hud.gov/buying/index.cfm

Take your time, learn all you can and you will improve your chances of attaining your goal.

Good luck, Dunes
2 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Fri Feb 13, 2009
Huong Do:

You and many others have fallen into this trap created by RealtyTrac "listings" on Trulia. As I have said many times before in this forum, RealtyTrac information is at best confusing and at worst downright wrong.

The information you see is not the "sales price" of the home but either the default amount (in other words the missed payments) or the loan amount of the loan that is in default. When you see $30,000 "prices" you are looking at defaults on a 2nd or 3rd TD, and if they are in default then you can bet the 1st TD on that home is also in default. To complicate matters, the home may not even be listed for sale. Many home owners work right up until the foreclosure sale to save their homes and never even think to try and sell it.

Your best bet, if you are serious about buying a home, is to work with a REALTOR who is experienced with 1st time homebuyers who are at the lower end of the income scale. They will be able to refer you to lenders who also specialize in this market and will know about city, county, state and federal programs that might be of benefit to you. Let me know if I can be of further assistance. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
1 vote
Abdullah Al-…, , Alexandria, VA
Tue Apr 14, 2009
No down payment is hard to find. 3.5 percent on 30,000 is only $1050.

1. If the average value of 90032 is within 15-20% greater than 30,000 there might be a good chance it is possible.
2. If you had $30K of your own money, then you could look for homes that need repair, fire damage, water damage, mold. Properties banks do not want. Better chances of getter a good discount
3. Banks like ot get market value for homes. You can sumbit contract for the price you want but it takes time to get the price you want. This is a more complicated process.
0 votes
Sky Minor, Agent, Los Angeles, CA
Tue Apr 14, 2009
Sorry my friend. If it seems too good to be true. It is. Realtytrac is a great reminder to everyone that there is no such thing as a free lunch.
0 votes
Ed Torrez, Agent, City of Industry, CA
Sat Feb 14, 2009
Huong Do,

You need to be working with a Licensed Realtor that is familiar with the area. I don't like to sound redundant; all these answers provided were excellent. I know as Licensed Professionals we can all expand on your question and write novels of answers, opinions, and information.

Good Luck

Ed Torrez
The Investor's Broker
(562) 577-0496
0 votes
Jacqueline J…, Agent, West Hollywood, CA
Fri Feb 13, 2009
Huong Do,
If the amount is $30,000, there aren't any homes listed at that price in this area.
It's a good idea for you to figure out your financial position for a loan.
There are some low down payment programs right now that you may use.
One of these programs is with Fannie Mae 3% down payment for owner occupied plus credit for closing costs.

Jacqueline Jance
0 votes
Dana Schuster, Agent, Slidell, LA
Fri Feb 13, 2009
Thumbs up,Shel-lee. I would like to add that you need to take zoning restrictions into account. it may be illegal in some neighborhoods to rent rooms. And you should be aware that an FHA loan will require a 3.5% down payment.
0 votes
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