Profile picture for schex001

1st-time buyer needs help finding a mortgage

we are 1st time home buyers with fair credit (mine is around 640, not sure about spouse's) and we found a foreclosure that has been on the market for a while, the bank has dropped the price from 90k to 60k. We only have about $400 in savings, but I think my family would be able to help us out with the down payment. I'm not sure how to find a loan officer that would be best able to help us get an FHA loan. Also, the roof is really the only thing that appears to be in need of repair. Could we get a rehab loan?
Help!
  • June 24 2009 - Birmingham
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Answers (2)

Profile picture for bradam2001
Hello
With a fair credit you may be eligible for FHA. And for downpayment , there are downpayment and closing cost programs. I am from Maryland, and Maryland as state and surrounding counties have different programs. for repairs, there is also 203 k streamline . They say it has less paperwork. For FHA, if you get money from family it is states as gift and accepted by FHA. You need 3.5 percent. We have just closed a house on FHA and a downpayment loan program, that is why I am sharing with you what we have been through. look at the local hoc website in your state or your county, you will see programs there.
http://www.hud.gov/buying/index.cfm
Good luck
  • June 24 2009
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You can definately apply for an FHA 203k this is a purchase loan which would include the cost of repairs within the loan amount.  I can obtain this financing for you - I've been a Mortgage Consultant since 1996, very reliable, dependable and reachable.

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  • June 24 2009
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