Would it be better for me to purchase a foreclosed home being a first time home buyer?

Question

I am aware that as a first time homebuyer there are government programs to help me with downpayment assistance, etc. Do these government programs apply to foreclosed property, or do I need to purchase a home instead of going through the foreclosures to qualify for gov. assistance???

Answer 1

Some homes, if they are FHA foreclosed homes could offer you down payment assistance. But be careful when buying a foreclosed home because sometimes they will require a lot of work to fix them since they have been neglected, which many are. Also be sure that their isn't a lien on the house that would require you to pay it off in order to sell the house in the future.

Answer 2

Foreclosures can get messy. There are many steps to the process, and for a first time inexperienced buyer I don't recommend it. Not sure about FANNIE MAE and FREDDIE MAC Govt' lending stipulations, but they have them. If you're a first time buyer, find a good agent and talented lender and do it safe with a resale or new home, which I recommend because they have fantastic warranties in place and great incentives right now for buyers.

Answer 3

Be careful of foreclosed properties because you will need cash to fix the place up because it will most likely be trashed. Trust me i bought one and am in the process of fixing it up and it really adds up the cost of fixing a house up. Try to find one that needs minimal repairs or paint.

Answer 4

If you are a first time home buyer....I would highly recoment you listen to the Dave and J Show. these guys cover TONS of First time home buyer questions and scenerios. You can email them with your questions and they will answer them on the show. they are great!!

Listen on the web at www.daveandj.com or on iTunes