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Answers (4)
- John Tatulli, "REALTOR_Tatulli"
- Contributions:48
Great points Rick...
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
SOME foreclosed properties have, in effect, seller sponsored financing.
Fannie Mae properties may come with homepath financing ( they're at homepath.com) which is a 3 percent down, no appraisal, no PMI program with rates slightly higher than market to compensate for no PMI. These may also include renovation money.
Chase also offers to help through their mortgage department.
Beyond that, securing a mortgage on a foreclosure is usually no different than on any other property.
Fannie Mae properties may come with homepath financing ( they're at homepath.com) which is a 3 percent down, no appraisal, no PMI program with rates slightly higher than market to compensate for no PMI. These may also include renovation money.
Chase also offers to help through their mortgage department.
Beyond that, securing a mortgage on a foreclosure is usually no different than on any other property.
- John Tatulli, "REALTOR_Tatulli"
- Contributions:48
I agree with Jim, I always advise my clients and future buyers to get 3 separate quotes and compare numbers as if you were shopping for a TV. And let them know you're shopping around so they bring their best to the table. Make sure you know these lenders or have connections with them especially in purchasing a foreclosure. Many disclosure packets you get from these banks will have a penalty daily if you go beyond your closing date, obviously if it's your fault or your lenders. Make sure you hire a good agent to help in this. I'm here if you need me.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Why not enlist the help of both? Lender vs broker is the "new" debate that has been going on for years. Pick one or two of each and interview them, go with the one that has the pricing and the customer service that fits your needs and desires! Good luck! Jim
Should I use a broker to find a loan for a forclosed property?
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