I posted this in the personal finance sub, but I haven’t received any responses so I decided to try here.
I hope that there are some mortgage loan officers here who can answer my question(s).
Background: I am a disabled widow receiving Social Security Survivors benefits as my only income. I need to purchase a home and I was planning to get a USDA Direct loan. My max budget is under $80k (I am in Oklahoma so it’s doable but not easy).
Situation: I have found a home that will not finance USDA (or even FHA per the listing broker). It is a manufactured home on land. Listing broker says it will qualify for “conventional” financing. It is a short sale $45k AND there is a $10k lien which the broker says “some” lenders would allow to be included in financing (so total $55k). If all the systems are okay (plumbing, electrical, HVAC, roof, etc) I feel that $10k is all that would be needed to address the obvious issues so all in around $65k and the comps are high $90’s to low $100’s
If I had cash, I would not need to post here LOL…
Question: Is there a loan program that will cover purchase+lien+rehabilitation costs? (broker says FHA 203(k) isn’t an option).
Follow up: down payment/closing costs are also an issue for me. There is a state downpayment assistance program that could help with up to 5%. I also have a family member that would help BUT even if they wanted to gift me the $ for downpayment I would want to repay them.
Any suggestions? LOL I was thinking perhaps we could get a loan together and after fixing the place up, I refinance and buy out their share? I don’t think there are any programs that allow a private party to carry a second…