Home Buying in 23607>Question Details

ocalabound, Home Buyer in Newport News, VA

can I get a 203K loan & another type of loan financing closing costs& down payment on a foreclosed home needing work?

Asked by ocalabound, Newport News, VA Mon Dec 10, 2012

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You can get an fha 203k rehab loan. The bank will probably pay most of your closing costs. But, as the previous answer stated, you will still need a small down payment.
0 votes Thank Flag Link Mon Dec 10, 2012
Cant finance the down payment. Most lenders want downpayment to come from some form of savings/assests to show you have some "skin in the game." Borrowers are less likely to walk away and foreclose when they put their own money into it vs if they are 100% leverage.
0 votes Thank Flag Link Mon Dec 10, 2012
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