Getting into my first home

[Drayton Arnold]

Good afternoon all,

I have been searching for my first single family home, to either invest or live in, for the past few months using FHA and the down-payment assistance offered through the state. The goal is to get into a home without having to put any money down and ideally begin renting it out for some monthly cash flow.

I have been working with multiple realtors to find a home around a price where the number will work but have come up short at least 6-7 times at this point. 

I am wondering if finding off-market deals would help me find the right home? If so, where do I start? 

Thanks, any information is helpful. 

[Doug Smith]

Honestly, it won't. We own a licensed mortgage company, but we're not licensed in SC. There are FHA products where the 3.5% down payment can be covered by a grant and the seller can contribute up to 6% in closing costs. You will need to live there for a while...particularly if you're getting assistance. It's still going to have to pass an FHA appraisal, so the home needs to be in pretty good shape. Even if you get a good deal on the property, the loan is still based on the lesser of the purchase price or appraised value...so getting a discount from an off-market property will only mean they base the loan on the lower purchase price. I wish you well in your search.