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Buying a bank foreclosure, they offer 3.99% 7 yr balloon, no pmi, no MPI , 1/2 closing costs. Risky?

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July 15 2009 - Cumming
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Answers (4)

Look's decent to me, but I would consult a REALTOR in person before deciding either way.

Good luck
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October 24 2012
What Clay said.
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July 18 2009
I would also ask if they have any pre-payment penalty.  Banks can and are willing to do things that are not available on the open market because they already have a vested interest in the property and transaction.  Similar to a loan modification where they can make their own rules based upon an analysis of the big picture and their interest.  If there is no pre-payment penalty, or if it is for only a short period, you can refinance to a more stable loan without being penalized.
You should also explore other financing options.  There are 5 or 7 year programs available that are amortized over 30 years without a balloon due and could be worth covering the closing costs without the risk?  I would talk to a local lender if you know one to compare to the bank offer.
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July 17 2009
Very nice terms to me, especially if over 80% ltv. What does 1/2 closing costs mean, they are paying 1/2?
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July 15 2009
 
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