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First if you are talking about the auction at the courthouse for the final foreclosure, then you can’t as it must be cash. But if your talking about an auction after foreclosure then if financing is available (some are cash) then just make your offer subject to FHA financing.
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Best Answer: You may be pre-approved for a FHA mortgage loan. Going to an auction to purchase one might be a different case altogether. In many cases the house at auctions have sat empty for quite awhile. If this is the case the auctioned house might not be able to stand up to a FHA appraisal as to.
When a homeowner can’t make his mortgage loan payments and the lender. property than you might otherwise get. Pros of buying a foreclosed home include: You can use traditional financing like VA.
Can You Use FHA Financing on a Bank-Owned Property or a. – If you’re on a tight budget and you qualify, FHA loans offered by the Federal Housing Authority may be the financing you need to buy your first home. fha financing, secured with 3.5 percent cash down, can be more affordable than traditional mortgages, which often need 10 to 20 percent cash down.
FHA has many advantages which benefit the buyer of a foreclosed home. fha offers high loan amounts. It increased limits to give more buyers the opportunity to use the program, especially borrowers.
You can buy foreclosures on bank-owned property, often referred to as a real estate-owned properties (REOs). The type of loan that the bank had on the property might change how you locate, bid on.
The Federal Housing Authority insures mortgage loans to help qualified buyers with little cash and less-than-stellar credit purchase homes. You can use an FHA loan to buy just about any type of house, including stick-built, modular and manufactured or mobile homes. You can even use an FHA loan for a foreclosure.
If you meet minimum requirements, and choose a property that meets Federal housing administration (fha) standards, you can buy an REO property with an FHA backed loan. fha loans and Old Foreclosures – Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%.