@Patrick Truhlar  I haven’t been able to take the boot camp but I did do the home study course and there is so much info to digest .Are you in Frank’s dedicated Facebook group as well?

You need to be prepared to advocate for yourself to keep things moving through the process.You must either be in the target demographic (earning less than median income for MSA) OR be buying in a census tract that is eligible (based on the income demographics of the tract).In a competitive market, getting a seller to accept your offer, with the NACA qualification letter, rather than a traditional preapproval letter, can be a challenge.Having said that..

Account Closed For a primary residence you can do as little as 20% down on a 3-4 unit with Freddie Mac (one of the two conventional routes) Home Possible is a low down payment program that may be an option with only 5% down if you are purchasing in a no income limit area, or meet the income limits within the area.Here is some info on Home Possible; Advantages of Home Possible LTV of 97% on 1 unit & 95% on 2-4 unitsMinimum credit score of 620 1-2 units, 3-4 if greater than 20% down and 720 if less than 20% down on 3-4 units.PRIMARY Residence purchase onlyNOT Required to be a first time home buyer Locations considered a low income census tract - have no income restrictionsRestrictions of Home Possible 3-4 unit properties require a 720 credit score with less 20% down.

I’m considering the purchase of a couple of tracts of land in Wilkes County at a Sheriff auction.  

There are 5% and 3% down 2-4 unit loans from Freddie/Fannie if you income qualify for those specific programs (or if the property is in a specific census tract).2.

I suggest you use the standard contract for your state because its the same co tract they used to buy the home and it will make them feel comfortable.

The family does have the right to sell the property, so put it under co tract and spoke with the loan servicer (Novad) and ultimately had to have an appraisal done (surprisingly Novad paid for it) and appraisal cane back 20k below the payoff amount.

@Jared Smith yes you are on right tract.

A lot to digest but thanks for the good info.

Basically the house was built as part of a "tract", which consists of many lots.