I was in a similar boat 3 years ago just coming out from a divorce. Being a single parent has a lot of responsibilities and pressure to provide for your family. I would suggest that you consult with a mortgage Broker who can steer you in the right direction as far as obtaining financing. FHA and CHFA have some good first time buyer programs out there, so see if you can qualify today!
If financing isn't an issue, start working with an agent that will guide you along the way. Lost of foreclosures need fixing up and I want to you to decide on how much fixing up you are willing to do. As a single Mom myself, I know that free time can be difficult to find, when making repairs to your home. So keep that in mind. You will find that there a plenty non-foreclosures out there that are priced well. This is the market for pricing, as there is so much competition right now. Good luck.
Coldwell Banker Residential Brokerage, a national real estate company, has a mortgage division called New England Moves Mortgage. If you go to my web site you can get more information there including a link to my office's N.E.Moves loan person. He will be happy to speak with you and give you some excellent advice so you'll have this question answered.
There are many qualified fabulous mortgage folks out there, and I would be happy to help you find them.
More questions? give me a call. I am here to help....Amanda 916-2744
Great questions! Great time to buy! And buying can be so much fun! I am a William Raveis agent and one of the reasons I chose William Raveis Real Estate Mortgage, Insurance is our fabulous web site: Raveis.com. All of your excellent questions from where do I start to the pros and cons of condo living and sooo many more you haven't even thought of yet are answered right there. And it is so user friendly!
Another reason I love Raveis is that right in my office, not twenty feet from my desk, is a fantastic mortgage expert who is always eager 24/7 to answer your questions and mine. And she makes the explanations easy and understandable. I know she would strongly advise that you get pre-approved for all the great reasons others have sited but also because it gives you great bargaining power when you present an offer. Finally Jenn I'm user friendly also! If I can answer any further questions just email me at firstname.lastname@example.org and it will be my pleasure.
Have a great holiday and have fun!
I recommend you do two things: contact a local realtor who can tell you if what you're looking for seems realistic and who can then refer you to one or several area lenders; and/or, contact a lender on your own (someone a friend or family member has used) and have them pull your credit and discuss options with you.
Everyone is an individual and yes, there are programs still out there for people with imperfect credit. You just need to find a realtor and a lender that fits well with what you need.
If you're looking for a good resource on home buying, I have a series of articles on my blog called "Home Buying 101" - the articles are available on the sidebar. See the link below.
Our recommendation is to first determine your credit worthiness by visiting several loan agents. This will clarify weather you can get a loan and what the amount that you qualify for. Don't worry about a perfect credit score, Fannie or Freddie, and the state of the economy. Loans are being made daily and rates are favorable for buyers today.
At the very least, start gathering information to determine what you can do to improve your credit rating.....but get started today.....who knows, perhaps you'll qualify.
The Eckler Team
Once you know what financing programs are available to you, then we can begin to look at available homes, and determine which homes will qualify for the financing program. Rather than worrying about pre-foreclosure homes, it may be best to focus on all homes in your desired area, in your price range, that will qualify under your financing program.