Asked by Brandon, Allamuchy, NJ • Thu Aug 22, 2013
I am a potential first time home buyer and really just getting familiar with the whole process of buying a home. I am reading some books on it and lots of websites like this one but I have some questions that I haven't found elsewhere exactly.
A bit of back ground: I am currently working the same job for 6 years making about $40,000 a year and have been slowly saving up for buying a house(I have $4,000 saved now), I will be selling one of my cars for another $6,000. I would like to take advantage of the FHA program namely for the low down payment of 3.5%, though my credit is very good and could probably qualify for a conventional loan. I am interested in getting a nice piece of property than the house as I am capable of making repairs and improvements myself. Would like to borrow less than $100,000.
I have found a nice example of a listing that has a big house that sits on 4.5 acres for $89,000. But it needs works obviously, namely furnace, kitchen appliances and septic system.
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