BEST ANSWER
I'm not understanding your question Jeremy. You mention $100,000 foreclosure property then follow that up with market value and assessed value. What is the price your asking about? If it's being foreclosed by the bank and has a $100,000 loan default you won't be able to get a loan to buy it. You'll need cash on the day of the trustee's sale and you may not even get it for $100,000 if it's truly worth $150,000 on the open market. If it is a listed property the market value will have nothing to do with your downpayment. All Will says, you will need a minimum of 20% down on the purchase price, no matter how high your credit score is. The lender will probably not be involved in your new mortgage. They certainly won't be offering any risky low downpayment financing to investors. They've already been burned once.
Sat May 23 2009, 18:48