Comments on: How do I buy a foreclosed home? http://www.em-forma.com/how-do-i-buy-a-foreclosed-home/ Helping You Stay In Your Home Fri, 29 Oct 2010 18:51:02 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Trevor http://www.em-forma.com/how-do-i-buy-a-foreclosed-home/#comment-1374 Trevor Mon, 07 Dec 2009 08:11:46 +0000 http://www.em-forma.com/how-do-i-buy-a-foreclosed-home/#comment-1374 You heard incorrectly. You have to get a mortgage and the lowest downpayment you can do right now is with FHA financing and if I am being totally honest, foreclosures are HARD to get approved by FHA. I am going through it right now and its been a CHORE...lots of work and time invested but its working in the long run. FHA has strict rules about the condition of the house so if there are problems with the house they could flag it and your financing would fall apart. Conventional mortgages right now require 10% down which sounds way out of reach for the two of you. You heard incorrectly.
You have to get a mortgage and the lowest downpayment you can do right now is with FHA financing and if I am being totally honest, foreclosures are HARD to get approved by FHA. I am going through it right now and its been a CHORE…lots of work and time invested but its working in the long run. FHA has strict rules about the condition of the house so if there are problems with the house they could flag it and your financing would fall apart. Conventional mortgages right now require 10% down which sounds way out of reach for the two of you.

]]> By: MadMan http://www.em-forma.com/how-do-i-buy-a-foreclosed-home/#comment-1373 MadMan Mon, 07 Dec 2009 07:25:21 +0000 http://www.em-forma.com/how-do-i-buy-a-foreclosed-home/#comment-1373 Not true! You will need to get a down payment as for any other property. If you qualify, an FHA loan requires the smallest down payment but I would advise you not to over stretch yourselves buying a house as this is precisely how people got into trouble and lost their homes. If you do not have any money saved, you should not be looking to buy anywhere. Not true! You will need to get a down payment as for any other property. If you qualify, an FHA loan requires the smallest down payment but I would advise you not to over stretch yourselves buying a house as this is precisely how people got into trouble and lost their homes. If you do not have any money saved, you should not be looking to buy anywhere.

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