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Buying a house
Posted on 8/22/23 at 10:28 am
Posted on 8/22/23 at 10:28 am
I know this is probably been posted before but I'm looking to buy a foreclosed house and I will be a first time home buyer. I've heard that the FAH loan does not qualify for a foreclosed home. I've looked into a conventional loan and the interest rates are through the roof. Is there anyway around this? I feel like there is a way to do an FAH loan still for a foreclosed home! If you guys could give me any advice or negotiation help it would be appreciated!
Posted on 8/22/23 at 11:47 am to KRobinson
Can’t help much with the details that you were looking for. However, if I were you, I would try to buy a house with an RD loan with zero money down and that does not need any work.
A good realtor, or Lender would be able to answer your question regarding the FHA loan for a foreclosure
A good realtor, or Lender would be able to answer your question regarding the FHA loan for a foreclosure
Posted on 8/22/23 at 11:51 am to KRobinson
You're unlikely to find a foreclosure. Delinquencies are at all time lows. 91% of the county is under 6% on rate. Most of the country under 4-5. An absurd amount under 3.
Get a well conditioned home. Foreclosures aren't for the faint of heart.
FHA can require repairs and on foreclosed property, 99% of the time FHA appraiser would call some out and the bank isn't in the business of fixing up property.
I think in 2 years we'll start seeing some foreclosures with costs so high.
Rates are much better on FHA/gov loans but that also means those buyers are usually not as cash heavy to fix up a place.
I'd focus on a well cared for non foreclosure property on your first one.
quote:
I will be a first time home buyer.
Get a well conditioned home. Foreclosures aren't for the faint of heart.
quote:
know this is probably been posted before but I'm looking to buy a foreclosed house
FHA can require repairs and on foreclosed property, 99% of the time FHA appraiser would call some out and the bank isn't in the business of fixing up property.
I think in 2 years we'll start seeing some foreclosures with costs so high.
Rates are much better on FHA/gov loans but that also means those buyers are usually not as cash heavy to fix up a place.
I'd focus on a well cared for non foreclosure property on your first one.
Posted on 8/22/23 at 11:58 am to KRobinson
This doesn't answer your question, but it is a good resource for finding foreclosures and there is a 10 day period after the house is listed that keeps investors at bay so that first time home buyers have a chance. There aren't nearly as many listings as there were when I found my house in '08 on here, but you may get lucky. Definitely check it every day.
https://homepath.fanniemae.com/property-finder
https://homepath.fanniemae.com/property-finder
This post was edited on 8/22/23 at 11:59 am
Posted on 8/22/23 at 2:40 pm to KRobinson
I had a tip on a house in a very desirable subdivision near me. It's not in foreclosure, nor is it under actual distress.
Divorced woman with two kids. Having a hard time keeping up but has managed to make the payments. House in good condition would easily be worth $700k. Listed for $525k.
Had about $30k in damage that I could see. Rotten wood mainly. Landscaping was a disaster. Front door needed replacing. The story is she is barely making the mortgage and can't afford to make repairs. The HOA is fining her but has agreed to waive the fines if she sells the home due to her divorce.
I'm passing on this, but I'd look for a house like this.
Divorced woman with two kids. Having a hard time keeping up but has managed to make the payments. House in good condition would easily be worth $700k. Listed for $525k.
Had about $30k in damage that I could see. Rotten wood mainly. Landscaping was a disaster. Front door needed replacing. The story is she is barely making the mortgage and can't afford to make repairs. The HOA is fining her but has agreed to waive the fines if she sells the home due to her divorce.
I'm passing on this, but I'd look for a house like this.
This post was edited on 8/22/23 at 2:41 pm
Posted on 8/24/23 at 6:33 am to KRobinson
Buying a foreclosure with financing is tough. Banks aren’t really set up for this. You really need cash or you end up paying an exorbitant interest rate if you can find financing. I’d look at Homepath property.
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