I need a loan to buy a foreclosed house. Help?
It's priced at just under 7,000 dollars.
It needs extensive work. However it sits on a fairly large lot.
I am currently 22 years of age and have some credit history.
Less then two years of it unfortunately. However my score reflects an average of 615.
I really want to purchase this home because I feel like its a great chance to put some sweat-equity into something and get a decent return.
I can come up with a decent chunk of the money probly $1,200 or more. However I know nothing about buying a foreclosed home and what process that involves or how it effects getting a loan. Or even if there is a loan for that amount of money for a home. I do plan on making the home my residence while I work on it.
My state of residence is Ohio. And I am a member of a local credit union. And have been for almost 3 years now. I just want some idea of what type of loans I'd be looking at? Possibly reasonable rates. Or if I'm totally out of luck? Thanks!