Buying a foreclosure, Financing Programs.

Buying a foreclosure | Foreclosure Financing | Foreclosure Mortgage | Foreclosure Loans for Buyers | www.USDALoansDirect.comBuying a foreclosure has never been a better opportunity.  Currently there are over three million foreclosed homes in inventory across the United States. Lenders and banks have these homes marked down and priced to sell. Typically you will see offers from 15%--40% discounted from the homes appraised value. In addition there are a lot of special financing programs available to buy these homes.


Buying a foreclosure: Financing Programs

HUD foreclosure with $100 down:

This program allows people the chance to buy a home for their primary residence with only $100 down. The property must be a HUD foreclosure. HUD can also pay closing costs. Repairs can be financed into the loan up to $5,000. It requires a 640+ credit score. No bankruptcy in the last two years and no foreclosure in the last three years. No condos allowed. No location restrictions.  No manufactured homes allowed.


VA foreclosure with 100% financing

If you are a Veteran and eligible for a VA loan you can buy a VA foreclosed property with $0 down. There are no restrictions on location. The property must be in move in ready condition, no repairs are allowed.  This program requires a 580+ credit score. No bankruptcy or foreclosure in the last three years.  No manufactured homes allowed.


USDA foreclosure with 100% financing

financeimgIf you wish to buy a home in a rural or semi-rural area this program is for you. First time buyers or people that do not own real estate or are planning to sell their home to buy another one can buy a home with 100% financing.  Whether your dream is to buy a small country home or large acreage ranch the USDA loan is the best program for this.  It requires a 620+ credit score. No bankruptcy or foreclosure in the last thee years.  Property cannot have a swimming pool or be located in a flood-zone.

No manufactured homes allowed.


Fannie Mae foreclosure with 3% down

This is really great program for people that want to buy a home with no location or property restrictions. You are allowed to buy a home that is move in ready or a home that needs repairs. Usually a Fannie Mae home is sold as is and these properties tend to have a lot of equity.  The major benefits are that its only 3% down, no appraisal required and No PMI on the loan.  This program requires a 660+ credit score. No bankruptcy or foreclosure in the last five years. Debt ratio cannot exceed 45%


Fannie Mae investor foreclosure with 10% down

This is an extension of the Fannie Mae program but it’s designed for investors. If you are an investor and wanting to buy a foreclosure this program is great because its only 10% down, no appraisal required, No PMI. These are huge advantages when compared to the regular bank loan that requires 20% down and the need to order an appraisal.  This program requires a 660+ credit score, no bankruptcy or foreclosure in the last five years. Debt ratio cannot exceed 45%.