An older home can be a good place to start

Most people want to own a home of their own. However, not everyone is endowed with enough resources (translates: not much cash) to just decide on a home and buy it.

This is a position that many people visit.

The first step is to clear up any blemishes that may be on a credit report. Usually, one out of three credit reports may be incorrect. If the reports are true, you know where you stand. If they are incorrect, have them corrected. Getting a loan is paramount.

One way to get started with a home of your own is to settle for one you can afford. If you are just starting in getting that desire to have a home of your own, please think about it. Check with a REALTOR®, tell him or her what you are looking for and your situation. Where are you in the financial picture? You can find out by checking with a mortgage company on what the rates are that day.

A friend a few years ago purchased an apartment building that needed some work. It was in a good location. They could afford to buy the place, but the repairs needed were out of the question — that is, until they checked with the U.S. Housing and Urban Development office, which offered them an answer and a way to purchase the place.

Call the Spokane office of HUD and check out the 203K option; it may solve all your housing problems.

Arlene Patton, Eastern Washington’s HUD manager, said, the 203 option allows major upgrading done by contractors and can be generally a much faster way to give an older home new life. There are a lot of homes out there that are well-built that can be updated with the 203K loan.

The strategy makes a lot of sense. You or your REALTOR® find the home you want to live in. Find an older home with a good location, if possible, and fix it up. The 203K plan is a terrific route that covers the cost of the home, as is, plus the cost of repairs needed. This is all in the same loan so you know the repairs will be made.

This isn’t a new plan but many in Spokane have benefited from it.

There are usually a number of homes on the market that were well-constructed and still have many number of years of service in them. Some of them are HUD homes.

You can get information on them by calling a local real estate agent who could provide a list of HUD homes to review. The agent will also be able to provide information on homes for sale in various areas of the county that may be of interest.

If you happen to be in the “home wanting” part of your life, there will be a home out there that will provide most of what you are searching for.