What is the lowest a bank will usually go on a down payment for a foreclosure?

Asked by Betty, Fort Walton Beach, FL Thu Jul 12, 2012

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Danielle Sharp’s answer
Danielle Sha…, Agent, Cape Coral, FL
Thu Jul 12, 2012
Depending on the area, USDA loans are $0 down or VA anywhere if you have veterans benefits. Otherwise you're looking at FHA which requires a minimum of 3.5% down (these funds can be gifted to you). Whether the property is a foreclosure, short sale or traditional sale the downpayment has more to do with the financing you are eligible for and the condition of the home (each loan program has minimum requirements).

Your best bet is to speak with a mortgage professional that can determine what kind of financing works best for you after looking at income and credit score.

Good luck!
1 vote
Peter Mohyls…, Agent, Destin, FL
Sun Jul 22, 2012
Betty,
Do you have a property in mind? I can help you meet with a lender and find out what your options are.
Peter Mohylsky
Keller Williams Prefered
850.517-7098
0 votes
Ben Wooten, Agent, Copperas Cove, TX
Wed Jul 18, 2012
You can buy VA foreclosures with zero down, even if you don't have VA eligibility, as long as you occupy the property.
0 votes
Peter Mohyls…, Agent, Destin, FL
Wed Jul 18, 2012
Banks with foreclosures don't always provide financing for their properties. You should probably visit a local lender of your choice, get preapproved and then start negoiating for that property. Banks were burned in the past with low or no downpayments. There are numerous programs available for financing. visiting a professional makes sense.
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