If a house pre-entered in an ordinary bank mortgage loans purchased or do I need a special type?

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3 Comments
  1. Reply
    Landlord
    April 29, 2011 at 11:02 pm

    You can use a conventional loan. No problem, just make sure you close before the foreclosure.

  2. Reply
    KlemKiddleHopper
    April 29, 2011 at 11:25 pm

    If you qualify with the lender – you can assume the loan – before foreclosure – they would

    rather do this than lose the money they’ve paid out

  3. Reply
    Kevin Williams
    April 29, 2011 at 11:49 pm

    Any home can be purchased with a conventional (normal) loan if the property is in good condition. If the appraiser list anything negative in the report the bank may require you to cure the problem before closing. A 203k loan is normally referred to as a fixer upper loan. It will help you to fix the property and complete the purchase in one smooth transaction. If you attempt to convert the loan from a conventional loan to a 203k this may prove problematic. To bypass this problem I would strongly recommend you have a licensed contractor inspect the property for possible defects during your walk through. If the property is in good condition you will be able to secure financing from most traditional lenders.

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