financing foreclosures
I have 50% to put down on a foreclosure,would I be able to get financing for the other half,its only 20,000?
Are there banks that will work with you on this? Credit is not great. Not terrible either. I can put 21000 down but need the rest financed. What are some options???????????? any info will help, thank you.
In most states lenders have a minimum amount that they will lend on a home purchase. You might consider calling a mortgage loan officer in your state to apply for a mortgage loan.
This will do several things.
#1 it will tell you if your credit score and credit report is as bad as you think.
A. If it is bad the loan officer might have recommendations as to how to assist you in repairing your credit and bringing it in line with what you would need to qualify for a mortgage loan
B. If it is not as bad as you think then this loan officer would be able to tell you the requirements to get approved for your mortgage loan and the minimum they would be able to approve.
Even if you are approved for a mortgage loan the property you would want to buy would have to be appraised for the correct amount in order for your mortgage loan to be approved.
So the answer to your question would be answered by contacting a local mortgage banker/broker to apply for a mortgage loan to purchase your foreclosure you would like to purchase.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
