First time buyers for foreclosed home no credit or down payment?
me and my gf have been together for a long time and want to purchase a home. The story is long so hope you like reading. There was a home that a friend of mine moms owned. I loved the house from the start. Problem was she was a bad horder and didn't take care of the home well and had it taken away. I just found this out recently and it's on the market. I know the house will need some work and willing to do it. Both sides of out family are very well in the home building and plumbing and know more than welcomed to help fix up the home if need to be. Neither of us have credit or a down payment but have researched much about it and there are help for buying homes with no down payments or help with down payment and no credit. I have a very good family friend who helped my parents whos been a realitor for 12 years and has his own company in town. I have not spoken to him yet for I want to research alot first before bothering him. Me and my gf want to get married in a few years after we have our feet on the ground and have a home and get married and start a family. Need to get some opinions and if knowing the home helps heres the address. It's 1919 dority rd toledo ohio. The home is for 59500 and is a great price we believe can affored for by what I've estimated with taxs should be about 500 minimum to 700 max which we can afford thanks for your answers
Renting & Real Estate - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
There are no federal programs for first-time buyers and most local programs ended a few years ago. You'll need to find out if your city has any specific programs (some still do). No program helps you around having no credit - but it might help you with some down payment money. You will not be approved by a lender without decent-to-good credit -- unless you can find a private investor willing to loan you the money (unlikely). Good luck to you.
2 :
In order to purchase a house of any kind you would need a down payment as well as a credit score that would allow you to apply for and be approved for a mortgage loan. Before you bother your realtor friend the best thing you might do is apply for a FHA mortgage loan with a FHA lender.. FHA has a program where you might get the down payment from relatives, friends and charities. The down payment could be as low as 3.5%. If the price of the house is as you say then the down payment would be around $2,360.00. If your offer is below the asking price your down payment would be less. The down payment from friends or relatives would have to be a gift. It can not be an under the counter loan. Whom ever give you the money would have to sign a letter indicating that this is a gift and not a loan that you would have to repay. You, in all probability would be required to come up with closing cost of your real estate purchase. This could be around $1500.00 which you would have to show as an asset in your bank account, 401K or some other financial instrument that you would have immediate access to and would have use of these forms. Call a mortgage broker that do FHA mortgage loans. Once approved contact your real estate friend. If you are approved then everything else would fall into place. You and your girlfriend should make an agreement between the two of you as to the division and who would live and pay for the property if things do not work out between the two of you as you plan. It is too late after the yelling and finger pointing start. I hope this has been of some benefit to you, good luck. "FIGHT ON"
3 :
If you don't have money or credit then what is your question? Even if the property was given to you how would you keep up with expenses? The two of you need to focus on the next two years of getting things right. Steady income that is reported to the IRS, money in the bank, little or no debt, credit score that will allow you to apply for a loan. In two years you could have money for a down payment, be married, have a good credit score and be ready to look for a house to buy. It is better to wait and do the above. You will let this house go but there will be another one that hopefully will be in better condition.
me and my gf have been together for a long time and want to purchase a home. The story is long so hope you like reading. There was a home that a friend of mine moms owned. I loved the house from the start. Problem was she was a bad horder and didn't take care of the home well and had it taken away. I just found this out recently and it's on the market. I know the house will need some work and willing to do it. Both sides of out family are very well in the home building and plumbing and know more than welcomed to help fix up the home if need to be. Neither of us have credit or a down payment but have researched much about it and there are help for buying homes with no down payments or help with down payment and no credit. I have a very good family friend who helped my parents whos been a realitor for 12 years and has his own company in town. I have not spoken to him yet for I want to research alot first before bothering him. Me and my gf want to get married in a few years after we have our feet on the ground and have a home and get married and start a family. Need to get some opinions and if knowing the home helps heres the address. It's 1919 dority rd toledo ohio. The home is for 59500 and is a great price we believe can affored for by what I've estimated with taxs should be about 500 minimum to 700 max which we can afford thanks for your answers
Renting & Real Estate - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
There are no federal programs for first-time buyers and most local programs ended a few years ago. You'll need to find out if your city has any specific programs (some still do). No program helps you around having no credit - but it might help you with some down payment money. You will not be approved by a lender without decent-to-good credit -- unless you can find a private investor willing to loan you the money (unlikely). Good luck to you.
2 :
In order to purchase a house of any kind you would need a down payment as well as a credit score that would allow you to apply for and be approved for a mortgage loan. Before you bother your realtor friend the best thing you might do is apply for a FHA mortgage loan with a FHA lender.. FHA has a program where you might get the down payment from relatives, friends and charities. The down payment could be as low as 3.5%. If the price of the house is as you say then the down payment would be around $2,360.00. If your offer is below the asking price your down payment would be less. The down payment from friends or relatives would have to be a gift. It can not be an under the counter loan. Whom ever give you the money would have to sign a letter indicating that this is a gift and not a loan that you would have to repay. You, in all probability would be required to come up with closing cost of your real estate purchase. This could be around $1500.00 which you would have to show as an asset in your bank account, 401K or some other financial instrument that you would have immediate access to and would have use of these forms. Call a mortgage broker that do FHA mortgage loans. Once approved contact your real estate friend. If you are approved then everything else would fall into place. You and your girlfriend should make an agreement between the two of you as to the division and who would live and pay for the property if things do not work out between the two of you as you plan. It is too late after the yelling and finger pointing start. I hope this has been of some benefit to you, good luck. "FIGHT ON"
3 :
If you don't have money or credit then what is your question? Even if the property was given to you how would you keep up with expenses? The two of you need to focus on the next two years of getting things right. Steady income that is reported to the IRS, money in the bank, little or no debt, credit score that will allow you to apply for a loan. In two years you could have money for a down payment, be married, have a good credit score and be ready to look for a house to buy. It is better to wait and do the above. You will let this house go but there will be another one that hopefully will be in better condition.
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