Is the seller accepts FHA financing you will only need a 3.5% down payment. A foreclosure can sometimes take more time than a regular transaction, but is really not much different!

Let me know if you have further questions,

Lindsey :-)

Hi Candace,

In many regards purchasing a foreclosed home is the same as purchasing a traditional home. Yes, you can get a FHA loan which allows you to put down a lesser downpayment same as a traditional home. However with a foreclosed home you have to be careful many cities have a point of sale inspection that require you to place money in escrow until repairs on the home have been done. Unfortunately a lot of the foreclosed homes tend to need a lot more TLC but you can find some great deals out their that would make it well worth it.

I would be happy to provide you with a list of other things to consider when purchasing a foreclosed home, please email me at andrea@andreatrobinson.com. Thx