When buying a foreclosure, there are a couple ways you can do this IF you aren't paying cash.... you'd either finance it with a 203k OR buying a home currently owned by Fannie Mae. (Of course you'd have to qualify for either loan based on each program's guidelines.)
203k: You can, not only, finance the purchase price but you can also finance the improvements as well. This is great because you don't have to spend all of your liquid funds on those repairs. This can be on any home and the streamline offers $35,000 towards expenses for the repairs. There are guidelines for what types of repairs that qualify.
HOMEPATH: The other way is if the home is owned by Fannie Mae you can purchase it with the program's special terms: with low down payment (depends if you're purchasing for occupancy or for investment), with NO mortgage Insurance, no appraisal nor inspections are required. You can obtain both the appraisal and inspection if you'd like but neither are required for the program. You can find homes on http://www.homepath.com.
If you're interested in learning more about this OR if you need preapproved for any mortgage financing, in the State of Ohio, please call 888-659-3848 or if you'd rather you can apply online at http://kimlawsonloanofficer.com
Best to you in your search,
NMLS: 5601 OH.LO.004495.000
First Priority Financial, Inc.
"Where Open Minds Close More Home Loans"
748 N Court St Ste 201
Medina, OH 44256
MBMB.850147.001 NMLS: 3257