Sawyer Real Estate LLC
301-449-9700 ext 29 or firstname.lastname@example.org
If your situation is solid, I can pre qual you in no time at all, if there are some complications we will have to work together to see if it works.
Foreclosed homes are not any easier than the others, certain properties aren't going to qualify for the lower FICO score programs such as FHA.
If you have any more questions or would like to get pre qualified I am local here in Scottsdale!
Private Mortgage Banker
Peoples Home Equity
Pre-approval can take as short as 15mins. Please do a favor 2 urself and ur lender by having the docs. ur lender asks from u.
That much said, it is more difficult to buy a foreclosed home than a regular sale , because a few unexpected things can come up more so with bank sales than normal sales.
Make sure u build ur team of expert helpers first which include a good buyer agent and an expert and responsive lender.
703 635 8209
The bigger question should be the condition of the property. FHA guidelines are a bit more strict and not all bank owned homes qualify. Your agent should be able to assess the condition and give you some feedback. As well as your lender of course. Then there is always 203k and 203k Streamline loans that come into play.
I work with FHA buyers on regular basis and have assisted them in purchasing bank owned properties with a lot of success.
I would suggest you give Bob a call. I do not know him but he always posts thoughtful comments here on Trulia. I am sure he will do a good job.
The process takes about 1-2 hours.
It is not easier to buy a foreclosed property. Some of these REOs require approval for financing from their company; and their lending division may have more restrictive guidelines than others. If you do put in a contract on a FC and it requires their approval, make sure the LO does not release your private information to anyone without your consent.
Are you looking to buy in Charles or PG County? I have a loan officer that has a computer program that shows you what you need to do to increase your credit score to FHA or Rural Development scores - if you are a first time home buyer in Charles, and buy a vacant foreclosed property there is a program that gifts you up to $39,900 that if you live in the house for 10 years, is forgiven - no pay back.Call me for a list of elgible properties and I will set you up with my mortgage officer.
There is a similar plan in PG, but not as good as sthe Charles Plan.
Bill wootan "The Real Estate Man" 301-893-6207 (Office) 240-416-0283 (Cell)
A preapproval shouldn't take very long, but might not happen too quickly if your situation is complicated.
There are lots of options out there for low credit-most lenders will give you an FHA loan if your credit score is 620 or higher-but if your credit is bad because you have open collections and judgements, they will have to get paid off before closing.
Try to find an FHA approved lender in your area who will be able to assist you.
You can also ask Realtors in your area for state or local programs who would assist with lower credit scores.
In NJ we have a state program that allows credit scores in the 500's.
I hope this was helpful.