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1st-time buyer needs help finding a mortgage

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:1

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!

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June 24 - Birmingham

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Brad, "bradam2001"
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Brad, "bradam2001"

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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

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June 24

loansbytracy
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loansbytracy

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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.

[Content removed by moderator due self promotion]

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June 24

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Question i have not so good credit but my fiance' has great credit will my credit be a huge issue when buying

Question VA Home Loans

Question 1st-time buyer needs help finding a mortgage

Question do you have forclosures

Question Should we buy???

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Question i have not so good credit but my fiance' has great credit will my credit be a huge issue when buying

Question VA Home Loans

Question 1st-time buyer needs help finding a mortgage

Question do you have forclosures

Question Should we buy???

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

Guide Foreclosure Overview

Guide Foreclosure Eviction Techniques

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