Call me if you are interested and if I can help you guys. There is plenty to look at.
Re\Max Hall of Fame
#1 Rated Re\Max Broker in Oregon
I have a client that just offered 50k on a lot that is asking 100k. He will not get it, but he might get close.
The second step is to hire a contractor to build the house for you. I and a licensed Contractor, and build production style houses for $60/SF. Any Arbor, DR Horton, JLS, Centex home you see can be built for around this price (depending on hard finishes)
Financing works like this. I have a lender that will loan 80% of appraised value on any project. For example, if you purchase land for $75k, 2000SF @ $60/SF, 25k permits and 10k misc. the total project cost is 230k. The appraised value would need to be around $289k, which is very realistic.
Not only do you not have to have a downpayment, but you also have 20% equity the day you move in!
With your income, you could afford 2000 SF and a lot price of about 85k.
Please check out my website for more information. http://www.sevenpillarsinc.com and http://www.sevenpillarsdesign.com
Ben @ 971.275.7788
Yes there are still some 100% lending programs available. Some depend on your where your home is located as well as your income, credit and debt to income ratios. While many 100% financing programs have rode off into the sunset, there are a few remaining as well as some new programs coming out that tweak the old guidelines to a more conservative loan criteria.
There is even a few loan programs that will allow closing costs to be financed into the financing of the loan for a total of 102% of the home's purchase price.
contact a local bank or mortgage broker and they should have access to these programs. try and contact a Loan officer who specializes in these type of lending products. many lending professionals only focus on standard or conventional financing. there are options for a homeowner who can find a mortgage professional that is very knowledgeable in his career.
Happy House Hunting
Janeese Jackson, Principal Broker
Real Estate Resource
If you want to get started right away to see what you qualify for - you can log onto my loan website at: http://www.LetUsGuideYouHome.com and select the Loan Application tab and just follow the prompts to fill in the blanks. I can get that into my processor's hands on Tuesday and we can get running with this to see what we can do.
Real Estate Broker, Residential Loan Officer & Commercial/Hard Money Loan Specialist
Commonwealth Group & DeMark Financial Services
415 17th Street, Suites 5-7
Oregon City, OR 97045
Tom Inglesby, Broker
RE/MAx EquityGroup Inc
Actually there are still a couple programs that might enable you to buy a home (depending on your recent payment history) These "down payment assitance programs" can be a very useful tool for someone in your position.. Not to put too much pressure, but they are going away on 10/1/2008.
Give me a call if you would like more info.
Broker, Keller Williams Realty Sunset Corridor