Down payments are very important for mortgage and it can be difficult to obtain a mortgage without one unless you are a veteran or seeking a rural/USDA approved property. If those circumstances apply to you, then I recommend you seek a VA or USDA loan. Otherwise, FHA loans are great loans to consider since they only require 3.5% down. There also may be some community grant programs depending on your area. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
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You agent should be able to do that. If you haven't already, I can get you started by pre-approving you for a purchase loan. That way you will be able to move on the house you want and you know what is in your budget. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.
I don't understand why Trulia posts preforeclosure information like this as it only means a notice of default has been filed, NOT that the house can be purchased for that amount. It is truly misleading. The property is typically not for sale at this point unless the owner has listed the property as a short sale with a Realtor.
If the owner does not bring the loan current or sell the property as a short sale, it will be foreclosed on by the bank holding the loan. At that point you could attempt to purchase the property at the trustee sale (auction) which would require all cash.
If you buy a house that is listed as a short sale or bank owned, you may typically finance the purchase depending on the condition of the property. Please contact me if you would like a more in depth explanation.... more