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The lot itself is worth $5,500 and homes in the area that size will rent for around $400.00 a month. We have some of the money for repairs, some work we will do ourselves. The title is free and clear. The house would probably sell for $20,000 to $30,000 once fixed up. It seems to be structuarlly sound, but we are having someone look at it for hvac, plumbing and structural condition. As far as who the owner is, I am pretty sure the seller is, as he has current insurance on the property in his name. How would I find out for sure? Homes in this area sell for cheap. They do exist.

Below is the link to the picture of the house. It is listed on jackson.craigslist.org in the realestate for sale section. house on craigslist

We're looking at a fixer upper that we can live in for 1yr or 2 and turn around and rent or sell. The house is $6,000.00, 2BR/1BA and is owner financed. It needs the usual repairs; paint, flooring, kitchen and bathroom flooring and cabinets. Mostly cosmetic work. It has a large backyard and carport. Not sure about the plumbing or electircal, but it was lived in about 6 months ago. This is an investor selling to us. He has lots of homes and wants to get rid of this one. He is firm on the price, but flexible on the terms. This would be our first owner/occupant investment. Do you think this is a good deal? The area is ok, but being revitalized. The next door neighbor has remodeled their home.

Do you have to be a truck driver to open this account?

We are looking at very low range home prices, approx. $20,000 - $25,000 and have about $3,000 to put down and have saved about $1,000. My husband's credit score is 550 -575 and I don't have a score. Does this sound possible for us to purchase this price ranged home?

Will putting a 20% downpayment on a home allow you to qualify for a loan even with low credit scores - (550 - 600)?

What's the best way to get started in this process and how long does it usually take to get preapproved? What documentation is needed to get preapproved?

I believe the cell phone bill was reported the in first part of 07. Does VA look closely at past 12 months credit history and do they pre-approve? You mentioned getting approved might take some work. Is there anything we need to do to have a better chance of getting approved?

Our sitiuation is cumbersome to say the least. First, I don't have a credit score, not good I know. I haven't used credit in years. My husband's score is mid 500's, last checked it was 550-560. Our income is low, about $22,500 combined. We are both self employed, but can prove income through tax returns. The negatives on my husband's credit are utility bills, a medical bill, cell phone bill (charge off), in all approx. $3,000. Is there any mortgage we might qualify for, fha or va (husband is a vet) mortgage or anything? We are only looking to purchase a home for $50,000 or less. Maybe even a REO property. We are definitely not trying to live above our means. Are there any special programs for low-income, credit challenged borrowers? Could someone advise? We really desire to buy a home.