Ok lengthy post (my problem)

[adjutorus]

Hi,
Ok here is my situation, I have been renting a house for about 3 years from an old co worker. He now wants to sell the house and said i have first crack at it. Great right? Well here the problem my credit is pretty bad.. I have never bought a house and make around 33000 a year, we havent worked out the price of the house yet till appraiser gets here but it does come with a rental apartment in back(with tenants) above a garage.
The tenants pay around 350 a month and he wants to lease the garage from me for 50 a month..I pay 450 a month now so unless my morgage is over 800 a month i would be paying the same. i am gonna take a guess and say house is 70-80k.
My questions are:
will any of this help me get a loan?
Will i need a down payment? ( kinda tough to get alot right now since it was short
notice)
no realestate agent needed so what do i do?
and are there any grants or anything to help with down payment?

Thanx inadvance,

Adj

PS
Feel free to add any comments =)

[rmurray]

You do have some problems....

You have not said if this is a manufactured home or not...Since this is a forum for First Time Manufactured Home Buyers I will assume it is a manufactured home....

With that assumption I assume you will buying the land as well..Since you are living in the home...I would guess you know its condition...

"pretty bad" credit can mean many things...Sounds like you need to talk to a mortgage specialist soon....I would suggest a Wells Fargo Mortgage Office in your area...They have many mortgage programs and loan originators are well trained...There are a few down payment assistance programs available....Usually FHA insured loans...but manufactured homes will HAVE to pass a very rigorous foundation inspection....FHA does allow for some credit problems as well...Credit score is not important as they look closely at the last 2 years of your payment history...with careful attention to the last 12 months...There can be no tax liens...judgements or lates in the last 12 months...Bankruptcies and foreclosures will have to be a few years old.....

If you get good info from the mortgage company...find a real estate attorney to help you with the legal paperwork...The mortgage folks will be able to recommend one...

Come back again with more questions....