i inherited my mothers house

My understanding with FHA loans is if you occupy it, you can get in with 3.5% down and a FICO score of 580. Possibly consider that?

- Tom

To qualify for a traditional loan, you are going to need a minimum credit score in the 620 - 640 range though most require 680. FHA loans carry a higher APR, higher closings costs and higher mortgage insurance fees which also stay with the loan throughout the life of the mortgage regardless of your equity. They do, however, have a lower credit score requirement.

Here are some options. If you want to keep the house, you need to act quickly. The home could be scheduled for auction already - so do not delay.

Since you are the new owner (meaning your name must now be on the deed), check with the lender to see if they will refinance the property into your name. Problem solved.

If not, then hurry and see if you can get bank financing to pay off the loan. You may need to work with the probate attorney on this one to make sure everything is handled properly.

John,

the bank may work with you if you tell them your situation...

how much is owed on the mortgage of the house, how much is the ARV, and how much is needed in repairs to make it ready to rent?

If there is plenty of equity in it, you may be able to refinance it and get some cash out?

Has the house transferred to your name yet? You have a few options. If it is in foreclosure then you will have to contact the bank. I don't mean to sound disrespectful, but has the home been passed down to you because of a deceased individual? If so you need to start a probate. Unless the property is in a trust or some other form of taking title that avoids probate. Even if there is a will. What is the property value? This will determine what type of petition you need to file, if any.

Hi John - any update on this?

Thanks,

Tom

I might be interested in buying it. Please provide me the numbers and details.