If it doesn't meet the minimum standards then you can either request the seller to pay any lender required repairs by have your Realtor submit a Request for Repairs, or you can pay it yourself through the escrow process. You can even use the USDA loan to finance HUD REOs. I have been doing both FHA and USDA loans while most Loan Officers were still in elementary school. Hopefully you choose to work with an experienced LO with a proven track record of smooth transactions so you won't get any surprises or what we call the 11th hour squeeze. Check out my Profile and Recommendations, that should speak for itself.
Best of Luck!
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
We also have DIY Packages available.
However, there is what we call the 203K loan, which is an FHA loan intended for homes that need rehab or renovation.
Talk to a lender about this.
Best of Luck.
Foreclosures tend to attract more offers than traditional sales leading to a multiple bid scenario. Whenever this happens, the bank will pick the strongest buyer...the one with the most cash down.
Good luck to you.