Each week we feature some of the many questions that come in to the REALTOR?.com Q&A section. Today?s question comes from Lewis Center, OH.
Q: I?m looking into investing in a foreclosed home and I need to know the basics.
What kind of credit score should I have? How much would I need for a down payment? This is my first time doing this so I?m not sure how to do all of it.
A: The purchase process for a bank owned/foreclosure/REO home varies little from a standard purchase.
As such the standard credit scoring is going to apply and the more money you have to put down the lower the credit score a bank would permit. If you were using an FHA Loan you could purchase with as little as 3.5% down and with a credit score of 580 or higher. With some Fannie Mae owned foreclosure properties you can purchase with as little as 3% down.
I would strongly encourage you to find a buyer?s agent to work with, their services are absolutely free to you and your buyer?s agent will be able to assist you in educating you on the purchase process, identifying properties as they hit the market (distressed property listing typically sell quickly and it?s important that you identify them quickly), and by referring you to reputable lenders and home inspectors.
?,a href=?http://www.realtor.com/realestateagents/Jason-Opland_Columbus_OH_168462_213889143?>Jason Opland,</a> Better Homes & Gardens Big Hill
Have a real estate of question of your own? Visit the Q&A section for answers from the pros!
The post Best of Advice: How Can I Invest In Foreclosed Homes? appeared first on REALTOR.com? Blog.
Source: http://americasbestagents.net/blog/best-of-advice-how-can-i-invest-in-foreclosed-homes/
kim kardashian and kanye west henrik stenson jobs act greg mortenson jim marshall died 2013 toyota avalon the secret life of bees
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন