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Grants to Help Purchase on a Cash Sale

by Joe
(Missouri)

Hello, My wife and I are 53. We are wanting to purchase our first home.

We have good credit, but no FICO score. (pay with cash most all we do).

The home we have found is $24000. So no loans available for our situation. It will take all that we have saved to pay for it.

It will also take a lot of renovation we plan to do mostly ourselves.

Are there any grants that help us with either renovation or closing costs?

Thanks for your help.

Josef K

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First Time Home Buyer - Renovation Loan
by: Jeffrey

Hello Joe,

First of all, thank you for paying my site a visit and sharing your story. Great question here.

Since you explain that the purchase price is a very small amount and you plan to use cash, this does create a unique situation.

It appears from what you're telling me, buying the house will use up all of your cash and leave you with very little money left over to make needed repairs.

My concern would be the condition of the house you want to buy. For $24,000 it's not likely to be in the very good shape.

You may want to consider the FHA 203k loan. My research shows with this loan, you can both purchase the house and finance up to $35,000 of repairs to it. Take a look at my webpage on this subject.

You also stated that you do not have a FICO score. With FHA home loans, that can be worked with also.

You really need a lender that can work with you as a first time home buyer. You'll find some links to recommended lenders on the page I referenced above.

You will have to ask lots of questions. Be sure to explain in detail your situation and what you want to accomplish. I think there is hope for you.

Now as far as help with closing costs, here's a link I found for you.

Missouri CAP program.

I wish you the best. Please help spread the word about my website!

Kind Regards,

Jeff

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