I’m under contract to buy my first house! It is currently bank-owned because the previous owners lost it in a foreclosure proceeding. It is a strange thing, being able to do something as positive and exciting as buying your first home because of the misfortune of another. But someone was going to buy this house, and I’m glad it will be me. I’m using a 203(k) loan to allow me to do some repairs and improvements to the house. You can read more about this FHA program here.
I am in the initial stages – I have inspections to go through, work to estimate, a general contractor to hire, and lots to learn. Wish me luck!