Credit Cards Center Credit cards from our partners
Reply
Contributor
Posts: 78
Registered: ‎03-02-2009
0

FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

I am looking to put an offer in tomorrow on a foreclosed home.  I am already pre-approved for the FHA loan.

 

Does anyone know if there are any potential issues with buying a foreclosed home with an FHA loan?  I'm a first time home buyer and I need all the advice I can get!  Smiley Happy

 

 

Thanks in advance!

New Contributor
Posts: 75
Registered: ‎02-01-2012
0

Re: FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

Yes I'm curious as well most have told me it could be a long process and may need a fha 203k loan if work is needed.
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

As long as the house passes the required inspections you should be fine. If the house doesn't pass you.may be looking at a 203k loan to do whatever repairs are required.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,865
Registered: ‎09-20-2011
0

Re: FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

[ Edited ]
It's fine as long as the house is in decent shape. FHA inspections get blown way way out of proportion. As long as the house is in decent shape your fine. I bought a forclosure that was built in 1979 with an FHA. All I had to do was install some GFI outlets. If you manage to find one that is owned by HUD many of those have a $100 down payment special, I took advantage of that.
Contributor
Posts: 78
Registered: ‎03-02-2009
0

Re: FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

Thanks for the advice! 

 

I live in PA and checked out the $100 down payment program, it's been cancelled here.  Smiley Sad

 

I was also told by an agent that HUD homes will only go 15% below the asking price.  Does anyone know if that's true?

 

Thanks!

Highlighted
Contributor
Posts: 93
Registered: ‎07-29-2007
0

Re: FHA Loan to purchase a Foreclosed home. Need advice!!!!!!

I got a FHA loan on a HUD home that was asking price of $73,000 and got it for $61,500 so that is more then 15% off the asking

EQ- 727 5/12/10
TU- 746 5/12/10

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.