Check out the USDA program for First Time Buyers. This program allows for mortgage financing up to 100% of the purchase price of the home and can include a Seller's concession to cover your closing costs. The program does not allow for extra money for improvements to the property.
The home you are purchasing must be located in a US Census Bureau designated "rural" area. Don't be deceived by the word "rural." You might be surprised to find these rural areas are within close proximity to major urban centers.
Best bet is to find a Local Mortgage Banker who is approved to provide USDA financing. Find one here:http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html
I can certainly put you in touch with a number of credit people if you should decide to want to pursue a USDA loan. Please feel free to call or email me and I will be glad to help you you. Have a great day!.
I recommend first pulling all 3 of your credit reports at http://www.annualcreditreport.com. It'll cost a few dollars to get your scores, however, those scores generate the most action. You'll want to have any wrong information corrected.
Talk with the mortgage department of your current bank or credit union. It appears that both FHA (3-5% down) and USDA (100% financing) may both require any medical bills to be paid before issuing a new loan.
Talking with a lender is your first step to fully understand what you qualify for. I have been working with a couple of specific lenders since 1994 who are excellent, thus the long term relationship. They could also discuss options with you about any repair $$ you may need. As well, there are some nice homes on the market in that price range which may require not require any work.
If I can be of any assistance to you, please call me at 919-795-5447. In the meanwhile, please feel free to visit my website at http://www.RaleighHomeSite.com. I have a couple of homes in my FEATURED LISTINGS section which may interest you plus you can search for all homes available in our area.
As for getting a loan for more than the purchase price, you can forget it.
I understand your desire to buy a home, but three things are required to get a mortgage,.
Credit Score - Assets - and Income You have already indicated that you don't have any real assets (money to put down) and have said it's unlikely you could save this up. I'll be honest and tell you you probably should not buy a home as you could easily find yourself in over your head when normal maintenance items came up such as replacing a roof, or AC unit etc. I feel like I'm raining on your parade which I don't enjoy doing but I'm just trying to be realistic and honest with you.
If you need a good lender I would be happy to provide you with a couple. Just message me directly.
I would suggest you talk to a lender regarding your situation. I have a few great ones I could recommend you and if you will email or call me, I will provide you with their information. I wish you the best and hope to be of service to you. Please let me know if there is anything else I can help you with!