simari2jos, Home Buyer in Pembroke Pines, FL

FHA and buying home

Asked by simari2jos, Pembroke Pines, FL Sat Sep 22, 2012

Thank you for all responses!! can you use FHA loans for a foreclosure homes?

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Answers

8
The challenge with buying a foreclosed home with an FHA loan is that if the home needs repairs to become FHA eligible. the seller will be less likely to make those repairs than a traditional seller.
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Simari, I have a Lender that has a program for first time buyers and all you need is a 620 and $1000 down out pocket, this is not including your but you Home inspections and appraisal
if you like more information please contact me

Cesar@cityrealtypartners.com
0 votes Thank Flag Link Tue Sep 25, 2012
Dear Simari,

FHA loans are availabe for residential properties. There are certain requirements on properties that are missing appliances, have roof leaks or mold. I have been on a Wells Fargo Foreclosure team for three years and work with mortgage consultants who are certified in FHA stream line loans (renovation loans). Some foreclosure look wonderful and some need a ton of work.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 |
0 votes Thank Flag Link Sun Sep 23, 2012
You certainly can purchase a foreclosure with an FHA loan. Sometimes the home will need certain repairs that will not qualify it for a regular FHA loan, so in that case you can use the FHA 203K. This is a loan that allows you to finance both the home and the necessary repairs.

Many foreclosures also offer Homepath financing. This is a loan offered for Fannie Mae owned properties. It is an alternative to FHA. Here is a link for additional information.
http://www.homepath.com/financing.html

Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes Thank Flag Link Sun Sep 23, 2012
FHA loan began to lose favor in the late 1990's, when homes values start to rise, surpassing FHA mortgage limits, and sellers balked at FHA"s stringent appraisal guidelines. Now FHA does not make loans, they insures the loan. The insurance minimize the default risk lenders face when buyers put down les than 20 percent. To fund this obligation, the FHA charges a borrowers a fee of 1% upfront (MIP) mortgage insurance premiun and a small fee with each monthly payment.

Best of Luck,

Maria E. Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Sun Sep 23, 2012
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FLORIDA MORTGAGE BROKER RESPONDS:

If you have good credit, there are many reasons to AVOID the very costsly FHA loan program. The reason so many push this HIGH cost program is because it's the only product many have to offer. However, there are better options for those with good credit, etc.

I offer FHA loans, and sometimes they are the only option, but see other opions below


97% LTV- No PMI/MI and No 1.75% FHA FEE

95% LTV- No PMI

95% LTV- CONDO

90% LTV- No PMI-2nd Home

90% LTV- JUMBO w/cc

85% LTV- NO PMI to Super Jumbo
80% LTV- Invest. Prop.



STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com

80% LTV- FIX n’ FLIP Invest. Prop.

80% LTV- NEW- Stated Income Alt

75% LTV- NEW- Foreign Nationals- Stated Income Alt

75% CLTV-NEW- after Short Sale, BK or Foreclosure

70% LTV- Soft and Hard Money -Stated Income Alt



LOT/VACANT LAND LOANS- Comm

COMMERCIAL PROGRAMS (many programs available nationwide)


Steve McRory

Pro Option Mortgage/Florida

http://www.pro-option.com

steve@pro-option.com

Ph: 888 662 4404



Prior Service U.S. Marine Corps
0 votes Thank Flag Link Sun Sep 23, 2012
I looked into the other loans my credit is good,however fha loans is the only one that offers me the low down payment
Flag Sun Sep 23, 2012
You sure can! You can use just about any loan product to buy just about any property if the criteria are met. Sometimes short sale or foreclosed homes cannot qualify for regular FHA because they need certain repairs or upgrades. In that case, switch to an FHA 203k loan and finance both the home and the cost of repairs. It's not that much more difficult and you should be able to get a very good deal.
0 votes Thank Flag Link Sun Sep 23, 2012
Absolutely! If repairs are needed consider FHA 203k. For more details on FHA guidelines give us a call. 786-704-8482.
0 votes Thank Flag Link Sat Sep 22, 2012
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