Foreclosure in Houston>Question Details

P.angie07, Home Buyer in Houston, TX

Foreclosure Home

Asked by P.angie07, Houston, TX Tue Jan 22, 2013

In order to buy a foreclosed home, what does my credit score have to be? What other factors come into play? Thank You. -Angelita P.

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Answers

7
Anna Maria Durr’s answer
Hi,
We offer several programs for foreclosures. If it's a Fannie Mae foreclosure we have the Homepath Financing program and we also have the HUD $100 down program for HUD foreclosures. Please let me know if you need more information on these two programs.


Anna Maria Durr, NMLS 266699, TREC 596662, Codemark Financial,
2626 Richmond Ave., Houston, Texas 77098, 281-592-0667
anna@codemarkfinancial.com
0 votes Thank Flag Link Tue Jan 22, 2013
Angie,

In order to purchase any home, except paying cash, you will need to be pre qualified by a mortgage institution. You will have to meet the minimal credit score set by the particular company you are prequalifying with. Minimal scores may vary a little from lender to lender. There is not a lower credit score qualification for a foreclosed home that I know about. So, if you qualify, you will be able to choose from a foreclosure, or a resale home, or a new home.
0 votes Thank Flag Link Tue Jan 22, 2013
you will need to be pre-approved to submit offer
0 votes Thank Flag Link Tue Jan 22, 2013
- debt to income
- money in account
- loan approval
0 votes Thank Flag Link Tue Jan 22, 2013
Angelita,

I can help you with a FHA home loan if your mid credit score is at least 580. The foreclosure would need to be able to go FHA. Contact me for more information.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Tue Jan 22, 2013
The qualifications are the same as buying any other type of home which is typically a 620-640. You may find a reduced down payment on HUD homes. If you'd like more information please contact me--I'm glad to help. Talk to you soon...V
0 votes Thank Flag Link Tue Jan 22, 2013
Foreclosure homes do not come with a lower Interest Rate,
Nor does matter what your Credit Score is:
Your Interest Rate is dependent upon your Credit Score.
Borrowing money for a Foreclosure can be easier because the Selling Price is generally lower.
But getting the Loan, and the Interest Rate are dependent upon YOU, not the house.
You should talk to a Mortgage Officer and see what you can qualify for.
0 votes Thank Flag Link Tue Jan 22, 2013
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