Good morning! We specialize in working with credit challenged buyers and have produced amazing results. Not sure if you have ever heard of Uptown Memphis, it's not in 38119, it's actually in downtown Memphis. We have a program called Hope VI which is a Federal subsidy (basically a 10 year grant) that makes ownership very affordable. I only have 6 brand new homes left and upon qualification your may be eligible for upto $30,000. In essence if the purchase price is $150,000 and you qualify for $30,000 subsidy your mortgage would be on $120,000. In addition, these are EcoBuild homes that reduce your monthly utilities by nearly 30%. Let me know if I can do anything else to help you with and by the way downtown Memphis real estate is still in possitive appreciation in 2008, not to be said for other areas of Memphis.
Wish you all the luck- it is really possible - The American Dream ! Remember the tax credit for first time home buyers is only going to last till June, 09!
http://www.bhgrealestate.com/Views/Look/Default.aspx ...This site uses the county public records and shows housing trends, crime statistics, schools ect..you can break it into neighbor hoods. It good for comparing with other information.
http://www.trulia.com/home_prices/Tennessee/Memphis-heat_map/ ...I'd use this interactive map for more comparables, prices, sales, location ect..It's from trulia and is fun to use and has a lot of info.
I'd keep checking sites like these... http://www.countrywide.com/purchase/f_reo.asp .....REO info
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ...look thru the bank sites for REO info in the area you are interested in.
http://www.hud.gov/homes/index.cfm ...To get info and see hud homes in your area...
Cruise thru and take a look at current gov. programs, see if any might work for you.
http://www.ofheo.gov/PublicInformation.aspx?Nav=136 ..there is a ton of info on mortgages, predatory lending, fraud alerts, banking and lender info ect.. Great place to find a lot of information.
http://www.homesales.gov/homesales/mainAction.do ...I'd check this out..
These are all things you can do as you work on your credit and become informed about the market where you wish to purchase. Becoming informed will allow you and those you choose to work with to find what will work to attain your goals. Spending time now making sure you are informed will save you money and make it more likely that you will find what you want.
Last links...http://www.fhfa.gov/ ...check here once in a while and this is just general info on mortgage rates..
You, IMHO, will be much happier in the future if you take the time now to prepare for making a huge financial committment. Good luck, Dunes
I've had wonderful success helping buyers get into lease purchases recently, and know of several available in 38119. Check out my profile, and if I seem like a good fit for you, send me an email to firstname.lastname@example.org.
I would love to help!
There is some good advise below - owner financing (all or seller taking back a second), getting a loan maybe at a higher rate, then buying it down (points are totally tax deductable) through seller's contribution and so forth.
Lease purchase sometimes works - most of the time they don't. The deposits are generally non refundable if you do not buy the house within a certain period of time. If it is a seller unable to sell in this market - more than likely their interest rate will be more than market right now - meaning you will be paying a premium. Most investors always try to get 25% over mortgages as their "rent range". Also, you will not get any tax breaks or deductions until you actually close on the property. Maintenance will totally be your responsibility also when you lease/purchase.
There are options out there that will allow you to purchase - find yourself a deal maker - one who knows how to structure a deal. Be totally honest so that Realtor can help you and put you with the lender that can help.
It is when you have no money, shotty credit, and no job - that 's when even a wizard couldn't help you out on!!
There are a number of mortgage products on the market some require higher credit score than others. The only way to know for sure is contact a local loan officer see if you can qualify for a mortgage at a price that fits your budget. There are also a number of lease/purchase properties avaialble but most of them will require some degree of qualification. We offer a program that can examine your credit score and provide you a "game plan" to bring your score up to a level so you can be approved for a home you can afford.
I am both a Loan Officer and a Realtor in the Memphis area. If I can provide assistance please let me know .
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
Feel free to get in touch with me by email or telephone to get more detailed information.
Keller Williams Realty
3860 Forest Hill Irene Rd. Suite 105
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
It sounds like things are really coming together for you and your family, that is great. It is also a great time to to be a home buyer. 38119 is an area that is highly sought after, that means you might be hard pressed to find 2000 sq ft for 130.00 per month. I can put you in touch with a local credit repair company that is legit and has great success, it might better to get your credit fixed asap than to get into a lease purchase. You will find that a lease purchase might not be the DEAL you are looking for. Many times lease purchase homes are owned by investors and they are looking to make money not give out deals. Let me know if we can help.
Contact me, or visit my site for loan officer recommendations.
Please visit the following links which will provide credit restoration tips, advice and useful info to point you in the right direction.
Proof that Credit Repair Works:http://wisconsinloantips.com/7creditrepair.htm
Tested and Proved Strategies: http://wisconsinloantips.com/better-credit-record.htm
Little Kown Secrets to Increasing Your Credit Score: http://wisconsinloantips.com/threequicktipsforrepairingcredit.htm
Best of Luck to you and please feel free to contact me if I may be of assistance in your credit restoration process -