Homes Foreclosed In California
October 30th, 2009
Homes Foreclosed In California
Question: How do I buy a foreclosed home?
My boyfriend and I are going to be moving back to California soon and we were looking to buy a foreclosed home. We don't have any money saved but we've heard that you can buy foreclosed homes with no down payment. You just take over the payments on it. Is this true? If not, can you tell us how to go about buying one?
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Answer: You heard incorrectly.
You have to get a mortgage and the lowest downpayment you can do right now is with FHA financing and if I am being totally honest, foreclosures are HARD to get approved by FHA. I am going through it right now and its been a CHORE...lots of work and time invested but its working in the long run. FHA has strict rules about the condition of the house so if there are problems with the house they could flag it and your financing would fall apart. Conventional mortgages right now require 10% down which sounds way out of reach for the two of you.
Pictures of Home - Foreclosures in Los Banos, California
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Posted in Foreclosed Homes | 
Tags: ca, california, California Homes, Foreclosed Homes, Foreclosures, homes, in
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