How do I go about getting an FHA or some kind of loan in my situation.?

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I am currently in the military (Guard), and I am at tech school. I get done here in about a month and there is a house back home that I am looking to buy. It is a HUD home and is listed at $ 26,000. (All reasonable offers considered.) By the end of tech school I will have saved up almost $ 17,000. I have no credit whatsoever, and have never been late on paying my cell phone bill. I am also 20 years old and married. My dad will do repairs to the house so I will need at least 4-6 more thousand for the house and 5-7 more thousand for house repairs. So that is 9-13 more thousand that I will need for a loan.

  1. Reply
    Ryan M
    November 10, 2011 at 1:21 am

    NO mortgage lender will lend for that small of a loan. Most will not lend to anything less than $ 40,000 because a house lower than that has serious issues one way or another. It is either in a scumbag area or there is serious damage to the property. Either way, that is not a good investment for any bank.

  2. Reply
    Twitter Bird
    November 10, 2011 at 2:09 am

    Apply for FHA loan & put only the required 3.5% down. Use the rest of your cash for closing costs, repairs, and keeping an emergency fund funded.

  3. Reply
    November 10, 2011 at 2:28 am

    With that much of a down payment you might have a chance – good luck.

  4. Reply
    November 10, 2011 at 3:05 am

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