Need Help Buying A Primary Residence

[Ryan Cox]

I am hoping someone here can help me out with my situation. I am not looking to invest into real estate, but am actually trying to find a backdoor way of buying a primary residence below market value and come up with a down payment and closing cost as well.

Of course I don’t have a problem affording a mortgage along with principle, interest, taxes and yearly maintenance as long as the combine amount is no more than what I currently pay in rent.

But I really can't come up with much of a down payment since most of my take home pay after paying the bills goes towards investing for retirement via a 401k & IRA. I am a late starter to investing for retirement and so need to make up for lost time.

Now I have heard about what’s called downpayment assistance programs that can at times also be used to cover the closing costs as well. Are these a good option?

Also, can multiple down payment assistance programs be use together to come up with a higher downpayment? Please advise.

And lastly, the real estate in the area I am living is reaching all time highs, but I am looking to live in the home for the rest of my life.

So I came across a couple of possible options to buy the home cheap. One is from a tax deed auction and the other is at wholesale. Of course I’m sure I’d have to pay a fair amount to refurbish the home. So could I get a loan for this?

Any feedback and advice would be great.