wife's dream home - Posted by ScottValentine

Posted by Vic on March 07, 2001 at 06:09:35:


If the property is already in foreclosure it’s going to be difficult to buy it with no money down. You have back pmts & attorney fees that are going to have to be paid to keep the first mortgagee from foreclosing. You may (& I stress may) be able to get the mortgagee to work with you on the back pmts, but the attorney fees will probably need to be paid one way or another.

You could borrow the money needed form a friend or family member to catch up the back pmts. plus the
attorney fees, then perhaps refinance it later using your VA to pull your cash out of it. Credit cards might be another way to get the upfont money needed. Just make sure you can make those pmts on credit cards.

Yet another way might be to get a new conventional 80% first mtg with a 20% second. This is going to depend on just how much work the property needs though & how good your credit is.

Others may be able to come up with some better solutions, but it won’t be an easy deal to do with no money down.


help…my wife’s dream home - Posted by ScottValentine

Posted by ScottValentine on March 06, 2001 at 20:09:36:

I’m new at this but extremely motivated in getting started with Creative Real Estate. I need to make my wife a believer and this property that she wants as a personal residence would do the trick! Problem is, it is a foreclosure and they want all cash (about $53,000) and I could probaly come up with about $1500. I have VA eligibility but this house needs about $7500 worth of work to be able to finance VA and the lenders I’ve talked to won’t have anything to do with me. What can I do to purchase this property- preferably no money down?