Sue, Home Buyer in Philadelphia, PA

Can you purchase foreclosed property with a FHA loan?

Asked by Sue, Philadelphia, PA Wed Feb 1, 2012

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5
You sure Can and also ......receive extra funds to repair you future cream puff!

John Curci 215-757-2889
0 votes Thank Flag Link Thu Feb 2, 2012
You sure Can and also ......receive extra funds to repair you future cream puff!

John Curci 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Thu Feb 2, 2012
HELLO SUE,

Yes, depending on condition either a FHA 203B or 203K loan will do the job.

Call me I do both.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Wed Feb 1, 2012
Although I don't believe there is a restriction against buying a foreclosed property with funds from an FHA insured mortgage loan, there are however Minimum Property Standards that may cause the deal to fall through given that many foreclosed homes are being sold in "As-Is" condition. Please consult with a qualified lending professional of your choice to learn about the FHA property requirements, then discuss these with your real estate broker before bidding on a foreclosed property.

If you are thinking of buying a home within the next year, consider registering to receive our free email newsletters published for Homebuyers in the Greater Philadelphia area. Text "SAVE" to 42828; or simply click this link: http://goo.gl/c1vJl

Once you are registered, you will automatically receive all the current information we regularly compile about home buying in and around Philadelphia; including tips, recommendations, programs and seminars that help home buyers throughout the entire process. When you are ready to begin your search for the perfect home, and in addition to providing you information on how to use the various online resources, we will even assist you in finding a great real estate agent if you ask us. An Accredited Buyer’s Representative is probably the best real estate professional you could hire, and is specifically trained and experienced to help you as the buyer find and effectively negotiate the purchase of your new home.

You will also find many fine and knowledgeable agents on this website too. Just be sure to interview your potential representative to make sure he or she is a perfect fit; you will be spending a lot of time together as your agent endeavors to help you find and purchase the property.

Hope this was helpful. Good luck, and enjoy your home buying experience!

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Jim O'Rourke
Principal Title Agent
Liberty Bell Agency, Inc.
"Experience a Better Real Estate closing!"
Web Reference: http://goo.gl/c1vJl
0 votes Thank Flag Link Wed Feb 1, 2012
Yes!
It's rare that the bank wouldn't allow FHA for a foreclosed home
0 votes Thank Flag Link Wed Feb 1, 2012
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