if you buy a preforeclosure house, what is the criteria, required and how much do you need?

Asked by Patty, Commack, NY Tue Mar 4, 2008

west sayville house
2 years back taxes, short sale.
Do you need 20 % down?

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Kim Tavares, Agent, Hauppauge, NY
Fri Apr 4, 2008
You purchase a short sale home the same way you would any other home on the market. All the requirements, such as downpayment, will be determined by your mortgage company. Your loan officer would be able to tell you what loan program you qualify for and how much you would need to put down. Can be as low as 3% down for FHA loans. Good luck.
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Peter Andres…, , Medford, NY
Tue Mar 4, 2008
None. The house is not in foreclosure. The homeowner still has options like listing the house for sale through a Realtor, contacting the bank and getting a possible loan modification, trying to get a forebearance, etc.
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