Posted by nj on August 06, 2004 at 15:02:17:
I know of a program wher you can put 10% down and don’t have to verify where the money comes from. Also the sam source lets you do a refi with just 6 month seasoning.
Loan for a foreclosure - Posted by d
Posted by d on August 04, 2004 at 12:30:12:
Here’s my situation. There is a 3br, 2ba brick home with a 1 car garage going up for foreclosure on August 10th. The home was awarded to a high bidder about a month and a half ago but they evidently couldn’t come up with the financing.
I currently don’t have a job although I’m suppose to be interviewing for one pretty soon. I do have income coming in of around 1k per month. I haven’t recently pulled my fico. The last I checked they all were in the range of 652 - 654. I think the score has improved since then.
The home is going into foreclosure for 68,000. I researched information and a relative researched information on the home and there are no other liens on the home. The accessed value is a little over 107k but I’m quite sure the home should appraise much higher. The home looks like its in move in condition. From what I can see, if there are going to be any improvements, it would cost less than 1k.
What is the best way for me to try and obtain this home. I would like to be able to obtain the home and take out some of the equity for another foreclosure property.
Living in the home for a short period of time would be an option, although I would strongly consider leasing to section 8 for around $900 per month.