Yes loans work the same. The property must be livable with working systems, bathrooms and kitchen. If there's mold or the house is generally torn up, lenders probably will not give you a loan.
You should contact a realtor experienced with foreclosures, there is a lot more to buying them than just getting a loan. Many of the properties you see here listed as foreclosures are not available for purchase - an agent can find the 'real' ones for your.... more
There are several loan programs that you should qualify for on a single family. I'm not sure why as a first-time home buyer you would want to saddle yourself with that responsibility. Your bank is going to look at overall income and it is still difficult to get financing on multi-families for first-time buyers. If you are considering this for an investment, I'd like to talk with you. I work in Greendale and the surrounding suburbs all the time. And I'd be happy to help.... more
Have you spoken with a Loan Officer? Maybe you're in a position to purchase a home right now. Do you have a 620 credit score and 3.5% down payment? Give me a call so I can ask you some questions. I'm located in Brookfield WI. 262-787-5080... more