You need guidance from a local Realtor you trust. This question alludes to two mistakes I witness buyers make over and over. First, I tell all of my clients it is a mistake to narrow a search to strictly foreclosures. Lots of reasons that is a mistake, biggest is there could be a much better home that is priced better than someoneâ€™s train wreck down the street. Search for need not greed.
Second, real estate doesnâ€™t work the same as a rent-to-own furniture/appliance store. When it comes time to pay off the seller the mortgage underwriter MUST follow the mortgage guidelines and those rules will probably not be the same as the terms in your contract with the seller. If you are already having trouble paying bills it would be a shame to throw away what money you have on a transaction that will not work the way you expect.
Find a Realtor you trust and have them introduce you to the loan officer they trust the most. Gather up all of the support documents needed to decision a loan, set an appointment to meet the LO face-to-face, review everything. Lay out a plan, then follow it. Hope my comments keep you from making things worse than they already are. Good luck,
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Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.