Ease of getting a dirt cheap home loan?
Property management company let the home I rent go into foreclosure. Bank has possession of the home but have now listed it with a real estate agency. I visited the listing online today and was shocked to see that the home (since it was foreclosed on by the bank and they just want what is owed on it) is listed for just $ 19,900 (3 bed 1.5 bath, worth at least $ 45,000, maybe more). Payments for a mortgage will be half or less than what I am paying in rent, which is currently $ 650/mo. Last time I checked a few months ago, my credit score was about 570. Do you think that my bank will give me this low loan? Would I have better luck getting this loan elsewhere? The property is worth quite a bit more than it is selling for, so they can’t really lose. What would you recommend?