When dealing with Foreclosures, banks like to see deposit money and an individual that has pre-approved funding.
So here's wher you start. Be in touch with several loan agents to see what loan options you have. Our second recommendation may take more time than you would like but you need to begin setting money aside for a deposit and other relaited expenses.
so you have some time to decide...
Learn what's available in gov. loans currently.....http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p
http://www.hud.gov/buying/index.cfm ...... The Hud/Fha process
Go over this information on mortgages, qualifying process, predatory lending, and more..
If you're interested in a Market area, learn all you can about it...There are a lot of resources for information..
It's a major decision, give it the thought it deserves...
Best of Luck, Dunes
Depending on the state where you reside and the location of the specific property, you may have a couple options for a no down payment loan program. First, through an approved lender your state may offer a "Bond" program. Secondly, if the property you wish to purchase in an area eligible for a USDA loan, that is another opportunity for a great program that doesn't require a down payment. Your first step will be to speak with a lender regarding loan options and an approval. Once your financing is arranged it will be in your best interest to establish a relationship with a loacal real estate agent. Please feel free to contact me with further questions anytime!