Home Buying in Covington>Question Details

Randy Oliver…, Home Buyer in 30238

Best way to finance a foreclosure?

Asked by Randy Oliveria, 30238 Tue May 21, 2013

I currently own my own home, (Completely paid off) and was thinking about taking advantage of the current foreclosure market and purchasing an investment home. Would be better/easier to take out a mortgage on the investment property, or my current home?

Help the community by answering this question:

Answers

3
Refinancing you home would be easier and cheaper in the long run...

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
0 votes Thank Flag Link Wed May 22, 2013
Hi Randy,
As far as interest rate is concerned, a Primary Residence will be lower than an Investment property. To purchase an Investment property for cash, the seller will require proof of funds in your bank accounts.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue May 21, 2013
I always recommend having the investment finance the investment. Try not to risk your personal home to buy property. If the investment goes sour, you always know that you will have a roof over your head.

There are quite a few mortgage options out there to buy foreclosure homes. Here is some reference information on the subject: "Home Buying Programs and Assistance."
0 votes Thank Flag Link Tue May 21, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer