Financing- No Down *PLS HELP*

[Jo Ann]

I have decent credit, no late pays in the past 4-5 years and possibly 1-2 collections, small amounts, medical type.
I currently have 1 car note and 4-6 revolving accounts. Scores around 600 or so.. It's been a bit since I checked.
My income is small, I am single and make around 24k a year. I don't have a very large downpayment, I had looked into FHA financing and "gift" programs. Would I be better off looking into a new mobile/repo or modular? I am trying to keep the overall price of the home low so my payments are not outrageous.
I have found a REO by Vanderbilt w/ land that needs some work but is 2001 Oakwood..Would I be able to obtain financing using gift downpayment, I can afford to pay closing costs. What are my options?

[rmurray]

A few....Most likely the used home will not qualify for FHA finance...Find a new home dealer skilled in finance and let them guide you...There aree many very low down finance progerams out there..Unfortunatly the payments may end up too high for you..depending on the price of land in your area...It will be hard to keep payments below $700 on a modest quality small home...Actually you will not need the gift programs..FHA is currently changing to a $0 downpayment finace plan..regulations are not complete yet...lenders are not marketing the prograsm yet...They will be soon...

[Jo Ann]

Land here is very cheap.. I could probably get 2 acres for 6,000, depending on the area.. The more out in the woods it is, the cheaper it is around here.
My daughter will be helping me make the payments and her income is a bit more than me.. Her credit is not so hot though.. Would it help or hurt to include her?

[rmurray]

Ifd her credit is VERY bad they will not count her income...Best to talk to your loan originator about her involvement...Most often cheap land needs some improvements tro make it useable..these can run thousands...

[Robert]

Repos never qualify for FHA unless they are in the original place where they are put upon sale. If the home has been taken back to a sales center or storage lot, it cannot be FHA under any circumstances.

Try to find a home that is already placed on land and has been repo'd. There are a lot of advantages to this.

1. All the improvements have been done to the land and paid for.
2. No moving costs for the home.
3. Could still qualify for FHA zero down program.


Good luck.

Robert