You can buy a house in this market with low funds as long as you have good credit. I don't know what they are called in other states, but here in maine there is the housing authority. They help people like you work with a realtor and put down payments on a home. There is some work involved on your part but it is highly worth it.Given the mortgage mess, is there any way that a person with low funds, can buy a home?
NO NO NO!!!! Have you seen the interest rates? If lenders were serious about lending, the rate would be in the 4s for 30 year fixed. Dont be stupid. Pay 20% down on the house and before you buy a house get an oh sh*t account where you have fund to keep you afloat for 6-12 months. Mortgage crisis will be followed by layoffs and the last thing you want is a house with a payment, no funds to pay and out of a job. Be conservative. Dont buy what you cant afford.
We thought we could never afford a house. Between our credit scores and the lack of any extra money. But we just bought our first house today. They have county money, but for me there was too much involved. Paperwork wise, Instead we went with a USDA loan. 106% financing. We bought a foreclosure home, 80,000. All we paid for was the home inspection, 250, and the appraisel, 375. The cost of the survey was rolled into our closing costs which is rolled into our home loan. The bank also required us to put 500 into escrow. My credit score was 656, and my husbands was 633. OUr real estate agent said as long as you have a score of 580 for the USDA loan that was good enough. The USDA loan is only good for rural areas, being less then 30,000 people. There are other loans, this one just worked best for us. It's a very long, frustrating process, but well worth it. Good luck to you!
it will take alot of time, but depending on where u live there a several programs offered @ state level to assist in buying a home. contact a real estate agent in ur area b/c they would be the ones who know about or refer u to a home buying assistance program. try H.U.D.
FHA loans are the best bet for low down payment - but your credit record must be good and you must qualify in terms of income.
If you can't afford it, you can't buy it.
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