Thomas Martin

If you cant make money on the property sell it if you can. There are plenty of opportunities to buy now. But if you wait theres a chance it could lose more value as inventory builds. - Sun Jul 6 2008, 15:11

You might want to contact the owner and find out if your deposit is not spent. - Sun Jul 6 2008, 15:08

If you are looking to buy a foreclosure as a primary residence FHA can help you purchase the home with 100% financing. Federal Housing Administration has waived their 90 day requirement for homebuyers. Previously homebuyers had to wait 90 days for a home to be approved for financing to stop flippers from using FHA loans. The infusion in FHA loans will provide another pillar for the market to regain it's balance.

Note: FHA is for Primary residence only.

This is how it works FHA will give you 97% of the purchase price. The Seller can give you up to 6% to cover your closing cost and prepaids. The 3% downpayment can come from a friend, a family member, or a non profit.
I have NON PROFIT that will give you the 3% all day long, Becasue they charge min $500. The seller signs a pre arranged aggreement giving instructions to the title company that the 3% plus $500 processing is wired back to the Non Profit from the seller proceeds.

Example of how it works,

You find a house listed for 100,000
Seller aggrees to give you
6% back to cover closing or -$6000
Seller also Aggrees to
contribute 3% to the
Non Profit downpayment 3% of -$3000

The Non Profit
Charges -$500
Processing fee.
At the end the Seller
Walks with $90,500

And you have a home financed for 100,000.

This is a good way for Seller to market their home as well. Offering your home for 100% finaning is a good way to attach more buyers. Any Renter that has stable, predictable income likley to continue and has a steady rental history can qualify for this program.


FHA requires escro for Taxes and Insurance.
FHA Does have lending limits you can find them at
https://entp.hud.gov/idapp/html/hicostlook.cfm

I'm with 1st Continental Mortgage based In Ft lauderdale, Florida.

I can help you with this is the following States
FHA in AL, CA, FL, IN, KY, LA, MD, MI, MO, NC, NM, PA, SC, TN & TX.

Contact: Thomas Martin
Phone: 954-391-8387 or E mail me at 911Loan@gmail.com




http://www.fhamortgageprograms.com/
http://www.fhahomeloanmortgage.com/

More info on FHA at http://www.hud.gov/buying/index.cfm

If you are looking for 100% financing fill out the application on my site and I will get you pre qualifed. - Fri Jul 4 2008, 15:46

FHA is the way to go, 1st Continental is FHA approved mortgage company providing FHA home loans in Palm beach. Florida. FHA is the eaziest to qualify for. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties. The borrower must meet standard FHA credit qualifications which are the eaziest to meet, visit
http://www.fhamortgageprograms.com/faq/fha.shtml
for frequently asked questions,
The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.
To learn more about the mortgage limits in your area, go
http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm - Sat Jun 28 2008, 12:46

Yes you can find the lending limits on the HUD website located at https://entp.hud.gov/idapp/html/hicostlook.cfm - Thu Jun 26 2008, 03:38