Financing in 06082>Question Details

Valeriegalin…, Home Buyer in Enfield, CT

can a chfa loan be obtained for a foreclosure auction like hudson and marshall?

Asked by Valeriegalinski, Enfield, CT Sun Apr 10, 2011

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I also found this link on the CHFA websit concerning 203(k) loans.

Good Luck!!
1 vote Thank Flag Link Sun Apr 10, 2011
Some mortgage companies allow you to apply for a mortgage prior to finding a house. CHFA is not the typical mortgage, it may take up to 45 days to close. Plus there is a CHFA appraiser that goes out to the property. If you put your 10% down lets say 15,000.00 on a 150,000.00 house and you can't secure a mortgage, you may lose your deposit. Your best bet is getting a Jumpstart loan. AS I mentioned above. You apply for the loan and the mortgage is contingent on a suitable appraisal. Remember purchasing a foreclosure has a lot of risks involved. Consult an attorney!!

For more info email me at SethWinkleman@PrudentialCT.com

Text or email me at 860-985-5816
1 vote Thank Flag Link Sun Apr 10, 2011
Ive never seen an auction allow a mortgage contingency. So if you lose your financing, you lose your deposit also. Usually there is a sizable minimum. I wouldnt recommend going this route. Cash is best for auctions.
Web Reference: http://www.homesbyminna.com
1 vote Thank Flag Link Sun Apr 10, 2011
The best advice I can give is to consult a loan officer and an attorney for this case and is very, very risky, if you do not understand the whole procedure into foreclosure, because you can lose everything If you do not do it the right way ... Well, buy in cash, which would be the best option, you will not risk a lot because it goes to the set.
if you need any help with a real estate transaction, please call me, there are also many types of loans that can work for you, and thousands properties. ...

Andrea Rodriguez
Coldwell Banker Premiere RE
8603315156
0 votes Thank Flag Link Mon Apr 11, 2011
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