Want to buy a home? Got crappy credit? Next to nothing for downpayment?
NO WUNKIN FURRIES MY FRIENDS --- YOU SHOULD QUALIFY FOR AN FHA LOAN!
And seeing that the banks are eager to get the glut of non-performing assets (fancy name for foreclosures) off their books they will probably pay ALL OF YOUR CLOSING COST.
What will it take for you to get a home?
- A job - hopefully you've had one for the last couple of years.
- A credit score of 620 or higher (but I heard recently about a guy who was bragging he managed to get a 580 through)
- 3.5% of the purchase price for a down payment. But this can be gifted to you if you dont have it.
In January 2009 the median price of a home in the US was $175,400. So, you could probably purchase the median price home with as little as $6500 down. You might even be able to find a DAP, which stands for Downpayment Assistance Program, or a SAP, which is a rich relative or friend, allowing you to make the purchase without having any skin in the game at all!
Look folks -- If you can buy -- now is the time. There is virtually NO RISK! If you buy a $175,000 house at 5% interest and the economy gets worse (a likely scenario) you are going to pay around $950.00 PI which is probably what you would pay for rent - maybe less.
If your are renting and you dont pay your rent you get a 3 day notice. After that its an unlawful detainer and a good eviction attorney will have you out in 30 to 45 days.
If you cant make your house payment you have 3 months before you go into foreclosure - but since there are so many in the pipeline ahead of you its quite possible that you could remain in your house 6 months to year. YOU ARE FULLY LEVERAGED AND THE BANK KNOWS THEY ARE GOING TO LOSE MONEY ON IT.... they likely wont be in a rush to get you out like a landlord.
BUT IT GETS EVEN BETTER FOLKS! Since your fully leveraged the banks best option is to keep you in the house if at all possible so if you run into economic hardship you will probably be offered a loan modification and now your 5% loan gets reduced to 4% (or maybe even 3%) for 5 years...lol.
BUY! BUY! BUY!!!!!
And if you happen to be in Fresno - call me I'll help ya!
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1319 W Bullard #4 -- Fresno CA -- 93711
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© Randy "Lazarus" McAtee
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FHA is a good program, but its still not overly easy to qualify and in some states you can be in your home 12 months before they kick you out.