Would a bank statement only loan work for you? If you are self-employed and can furnish 24 months bank statements there is financing available. Basically they will take your deposits from the statements and use that for your income (gross deposits). Rate is high and loan to value is low probably 70% at best.... more
The govenment enities (hud,fnma and fhlmc) do give the owner occupied purchasers first chance reo's. However, after a specfic time frame, the marketing opens to everyone and the best offer gets accepted.
So not all banks and reo's fit under the same criteria.
Lots of times when multifple offers are submitted, the banks respond to the highest and best.
Sometimes the banks take there time when there is multiple offers. Currently I am working a case that has 13 offers and the bank does not know what they are going to do and have been sitting on the offers of 1 week without a response to any offer.
First Weber Group
Certified Distressed Property Expert
Your best bet is to sit down with a local and trusted mortgage broker. stay away from the internet lenders. the mortgage borker will be able to assist you in telling you if they can get a mortgage for you. They need to look at your credit report to break things down. good luck... more