Do I have to have cash to buy Reo/foreclosure

Profile picture for when did i get marri
 I would like to fine a direct lender to give me a mortgage with a 3/% down  I am looking to buy in NJ I am looking for a 2 fam home. Or  I am willing to take over a mortgage for someone who is in foreclosure. How is that work. I try buy a house in Nj  but I was told that I have to sell my current property in ga. I was turn down with a 760 credit score before i evenly apply to the bank. I was told That I cannot buy a house in NJ and live in Ga
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October 07 2009 - US
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Profile picture for aaronwags
HogWash!!! There are ways to do everything!!!  LOL
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October 09 2009
Profile picture for FriendshipProperties
You'll need 20-25% down for an investment property and the more property you own the more difficult.  Some investors have the homeowner sign over the deed, put up all the cash to bring the loan current and then continue making the payments, but thats not recommended b/c the bank can call the loan paid-in-full upon transfer of title.
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October 07 2009
 

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