Found 2 blog entries tagged as home purchase.

Buying a Foreclosed Home: Essential Considerations

Purchasing a foreclosed property can offer significant savings, but it requires careful consideration of unique risks and challenges. Understanding these factors before making an offer can help you make an informed decision and avoid costly surprises.

Understanding Foreclosure Types

Not all foreclosed properties are the same. There are three main types you might encounter, each with different purchasing processes and considerations.

Pre-foreclosure properties are homes where the owner has received a notice of default but hasn't yet lost the property. These require negotiating directly with the distressed homeowner and often involve short sales, where the lender agrees to accept less than the…

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The Truth About Down Payments: More Options Than You Think

Contrary to popular belief, purchasing a home doesn't always require a substantial down payment. Various programs offer low to zero down payment options, making homeownership more accessible than you might expect.

Zero Down Payment Options

USDA Rural Development Loans

This program requires no down payment for homes in designated rural areas. Importantly for local residents, all of Lincoln County qualifies as rural under USDA guidelines. Requirements include:

  • Meeting income limitations
  • Having a satisfactory credit history
  • Using the property as your primary residence

VA Loans

Veterans Affairs offers loans with no down payment requirement for qualifying military…

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