How can i as a 19 year old young women purchase a forclosed house with little credit, very low down payment?

	How can i as a 19 year old young women purchase a forclosed house with little credit, very low down payment? I am looking into purchasing a forclosure house in my area. It is listed for 28,160, im a full time college student, i have been at both my jobs for well over two and four years, i have a low down payment and nothing on my credit. I need help in getting this house, i need advice. Asked By: Becca - 7/19/2011

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Your best bet at buying this property is a FHA mortgage loan. FHA has a program that you might has a down payment as low as 3.4?hich in your potential purchase would be around $1,120. You would also have to come up with closing cost. In your offer you might ask the seller to assist with the closing cost. Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing. In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost. He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate. The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase. When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started. #1 One month of pay stubs for each person that will be on the mortgage. #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment. #3 Two years of federal income tax along with the W-2 that match. Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased. Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral. Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments. If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100?oan. You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once. Make sure your mortgage broker explain all your options so you may make an intelligent decision. What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else. So select the best option for you and your financial situation. You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment. Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value. The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed. After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home. Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you. I hope this has been of some benefit to you, good luck "FIGHT ON" Answered By: loanmasterone - 7/19/2011

Additional Answers ()

Easiest way is a co-signer maybe with your parents or a close family member that has excellent credit. yea i know its a pain in the ass trying to buy something with a limited credit history but there's we can do to change how the system works. I'd also suggest work on building your credit, maintain a couple cards where they are never maxed out, and simply use 1 for emergencies, and 1 for stuff like groceries and gas. then pay off the bill on time every time and in no time your credit score will get higher and you'll eventually be good to go. Answered By: Michael Hanson - 7/19/2011

The answer you'll get most is "you ain't got a chance!" Don't let that stop you from searching though. Go into the banks/lenders with a positive attitude, and your financial history in order and see what happens. Lenders are more wary than they were before this financial mess, but they will still take a chance if it looks good. An alternative would be maybe have a parent/grandparent help? 20?r more down talks a lot louder the 5?oo! Answered By: br549 - 7/19/2011

Without credit, you're probably out of luck. Get yourself a credit card with a small limit, charge a few hundred dollars, and spend 6 months making timely payments. This will help establish your credit. Also, check to see if your state has a first time home buyers program. Answered By: BeachBum - 7/19/2011

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