Growing interest in purchasing foreclosed homes A recent survey found that 56 percent of U.S. renters and 47 percent of current homeowners are at least "somewhat likely" to purchase a foreclosed home. Along with having some concerns about hidden costs and still-declining home values, many potential buyers expect to save money if they buy a foreclosure.
On average, survey respondents said they would expect to pay 38 percent less for a foreclosed home than a similar home that was not in foreclosure -- not too far above today's average discount of 36 percent. The survey was conducted by RealtyTrac. I have a great plan for you.
Find the house that fits your needs on one of the foreclosure lists and take advantage of the new government FHA loan program that allows you to roll in $35,000 of government money into the mortgage to rehab the house. You only need 3.5% down and a fair credit score to qualify. There are lots of homes available under $100,000 and with the $35,000 rehab money these home will be worth $150,000 or more after the rehab is completed. You will end up with $50,000 of equity in your new house with monthly payments under your existing rent.
Give me a call or send me an email if want to pursue it. It takes some work and planning but I will help you through the whole process.