buying a bank owned home with an fha loan

Bank owned foreclosure, missing toilets & light fixtures with FHA loan. Asked by Merideth Wilkins, Atlanta, GA Mon Apr 20, 2009. I found the home of my dreams – 3 acres, open sunny backyard with lots of room for veggie garden, plenty of space inside, and in a safe area of town.

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A good FICO score is key to getting a good rate on your FHA home loan. FHA Requirements Credit benefits improving credit. fha. com is a privately owned website, is not a government agency, and does not make loans.. includes fha foreclosures in Libby, Cut Bank, Kalispell, Poison, Missoula. Can I buy a foreclosure home with an FHA loan?

Mortgage Advice > how to buy a bank owned foreclosed home. – how to buy a bank owned foreclosed home with conventional loan? want to buy a bank owned foreclosure listed for 31,000. have 3000.00 saved want to know how to get a conventional loan with 5 % down. house needs cosmetic updating by bogaco_531_991 from Bogalusa, Louisiana.

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Best Answer: Absolutely you can get an FHA loan to buy a foreclosure!! Even if it needs work, you can obtain what is known as a 203K FHA loan, which is also known as a rehab loan, and they will.

FHA loans can be used to buy almost any type of home, including bank-owned homes and short sales. Thanks to federal backing, FHA-approved mortgage lenders are willing to provide more flexible underwriting and accept smaller down payments.

Some FHA (HUD) homes can be purchased with an FHA loan no matter how bad the condition is. HUD decides this when the appraise them. So, if a HUD house is listed as "insured" or "insured with escrow" it can be purchase with an FHA loan.

hard money home loans rates: hard money lenders charge premium interest rates for short-term loans; hard money loan rates tend to be lower. Fees: Hard money lenders charge average origination and lender fees up to 3%. Loan terms: Hard money loan terms are usually 12 to 24 months; many lenders don’t have prepayment penalties for early repayment.

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 · Buying a Foreclosed Home . FACEBOOK TWITTER. Bank-Owned Properties Properties that do not sell at auction revert back to the bank;. An FHA 203(k) loan provides the money needed for purchase.