4 responses so far ↓

• 1 William S // Feb 15, 2009

  Hello I am dan peterman by name, the M D of dan loans Venture , i am a Reputable, Legitimate & an accredited money Lender.I give out loans to individuals and companies in need of financial assistance.Do you have a bad credit or are you in need of money to pay bills? You can use this medium to solve all your problems as i render reliable beneficiary assistance and will be glad to offer you a loan at low interest rate. Services Rendered include: *Refinance *Home Improvement *Inventor Loans *Auto Loans *Debt Consolidation *Horse Loans *

• 2 ~♠♥CJ♥♠~ // Feb 15, 2009

  The only thing you have to do differently is have the house checked out by an FHA appraiser (this is done while in the process of closing). You just need to use a lender that does FHA loans, which is most of them. It shouldn't take any longer to do than a conventional loan (at least it didn't for us). I think you can buy a foreclosed home with an FHA loan as long as the owner accepts FHA loans. Keep in mind that the house has to meet FHA requirements in order for you to buy it. That basically means that there can't be anything wrong with it. It might be really hard to find one you could actually buy because in our experience there's always something wrong with a house. Usually the seller would make those repairs but foreclosures are sold as is.

• 3 A D // Feb 15, 2009

  Lenders have told me that FHA has relaxed its property condition demands considerably in the past year. So, if a house is in habitable condition, it should be fine. Now, your local lender may have other requirements, so check on that.

  Another criteria for an FHA loan is that the current property owner must have owned the property for at least 90 days. The only exception I am aware of is if it is a relocation company.

  This was done to help prevent a flip for a significantly higher price without doing significant repairs/remodel. So, if you are buying a foreclosure, ask your agent to make sure the REO seller has owned the property for at least 90 days.

  Given the abundance of available houses for sale, you probably want to get started in earnest about 90 days before you want to move. But, you can start building relationships with a lender and a real estate agent now.

  Also, since you are first time home-buyers and lenders are pretty skittish now, you might want to make sure your credit, income and other lender criteria are in good shape. If there is anything you need to clear up, you would have time to take care of it before you are in the rush mode. And, you can get an idea of how much cash/liquid assets you will need to have to purchase your first home, so you have time to set back the money you will need.

  Good luck and happy hunting!

• 4 George R // Feb 15, 2009

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