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USDA was doing 0% down loans in certain rural areas. You could see if that is available in an area you'd consider moving into. Otherwise...
$1000 is 3.5% down on $28,000 and you'd have to get the sellers to pay all your closing costs. You'd still have to come up with another $300-$400 for the inspection and then that amount again for the appraisal. If all you have is really $1000 that leaves you $200-$400 for your down payment. That leaves you able to buy a property for as much as $11,400.
Of course that all assumes that you can get qualified with your poor credit and can afford the payments with a higher interest rate.
Last edited by thndrcloud; 08-10-2010 at 01:29 PM..
Reason: More info
No, because I don't know all your circumstances. How bad is your credit? Most lenders won't consider lower than 620 score. Perhaps there are some local grant programs that you may qualify for depending on your income.
...$1000 is 3.5% down on $28,000 and you'd have to get the sellers to pay all your closing costs. You'd still have to come up with another $300-$400 for the inspection and then that amount again for the appraisal. If all you have is really $1000 that leaves you $200-$400 for your down payment. That leaves you able to buy a property for as much as $11,400....
Properties in that price range will likely require an all cash purchase.
Ok, let's try this. If you are in PA, you may be able to buy something through the PHFA - they have a $3500 grant. You must have $1000 of your own. That means a sale price of $128,500 and the seller pays closing costs. There are lots of clean townhomes in the Philadelphia area that will meet this criteria. Want to know more?
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