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timkrof
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!  :smileyhappy:

 

 

Thanks in advance!

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noncontrol
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.
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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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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.

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boomhower
Posts: 1,863
Registered: ‎09-20-2011
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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
timkrof
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.  :smileysad:

 

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!

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greekjim
Posts: 93
Registered: ‎07-29-2007
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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

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