As near as I can see as a lender, buying a foreclosed home is like any other sale except you don't get a condition report from the seller. You can ask any seller for anything that you want done, but if you are asking for a sales concession for repairs, remember these things have to be done before closing if you are financing the home. As lenders, we want the home fixed we are going to lend on.
I am assuming that this is for a manufactured home in a park with that kind of purchase price and the financing available for those is nearly non existent. If it is not a manufactured home, there are no mortgage lenders that I know of that will consider a mortgage amount under $25,000 and those are very expensive.In answer to your other question, if you are buying the home for your daughter to live in and are keeping title in your name, the home is a rental or investment property.Hope this helps.
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No it isn't for just first time home buyers and in a lot of cases, it probably would be better if you weren't. One of the things this loan takes is patience and add to that perseverance and you have a good shot of making it work. There are actually two types of 203k programs, the streamline and the full. Most lenders will only do the streamline and it is limited to $35k and no structural work.Find a good loan advisor before you make the step into a 203k.
Realistically, most lenders will have very similar rates and fees due to the changes in how mortgage loan officers are paid. Because of this, there won't be a huge difference between loan quotes from one lender to another unless one is just priced way to high because of what his company is making on the loan or one is way to low because they are quoting something that they may not be able to deliver.Additionally, a rate quote is not exactly accurate unless the lender knows a lot going into the quote. For instance, the loan to value, the purpose, the debt ratio, if there is mortgage insurance (if so, what kind), is it government or conventional, manufactured or stick built and lastly, what is the mortgage credit report score. Remember a mortgage credit report score can be significantly different than a consumer direct score.My best advice is to interview the loan officers and find one that you can work with and go forward. It is more important to be able to close a loan successfully than to get a lower rate that isn't delivered.Good luck!
As long as you have the cash to pay for it or enough that the seller will carry a contract, no problem. If you are looking for a conventional loan, probably not.
Of course, every area is different, but addressing your question from a regional viewpoint, purchase price often does not affect the tax bill, because homes have a market value and a assessed value which is sometimes much lower. Besides, we know that once you give the government a tax, they hate to give it back. :)One of the unintended consequences of the tax limitation measures in Oregon was that assessed values did not go up as high as market values on existing homes during the boom period.
Anyone quoting rates to someone with self discribed bad credit probably ddoesn't know what is really available anyway. Find a knowledgeable loan officer that is willing to work with you to bring your credit up to standard. Sometimes, it is fairly easy, but I have worked with clients for up to two years to get them to qualify for a decent loan. It is worth the trouble.BTW, most local banks are actually brokering their loans to the major wholesalers and sometimes hire those that can't pass the NMLS test.
It is possible that they are in an area that this will work for USDA or maybe they had slightly more than that and it was a 3.5% FHA loan. Or, maybe they were purchasing VA and there was no down payment, just closing costs.
Interesting question, but not enough information. What kind of a loan are you applying for with no money down? How long have you had your current job. How much are the taxes? Estimate of insurance? Home owner association? Where is the home? Good luck but it would be nice to have more information.