@jcstarkey8826 wrote:
If I were to do an FHA loan on a foreclosed home (if thats even possible) what amount of money should I have saved?
The house I'm in now was a foreclosure we bought in '11 w an FHA loan. The sellers paid our closing costs and all repairs needed to close the loan (it needed a septic, etc. but they only covered the repairs needed by FHA. We still had to cover the rest in a reno.) We had our realtor include this in the contract, btw. Wasn't an issue for us. And since we got a grant for down payment assistance and the seller paid our closing costs, we only had to bring a little over 1k to the closing. Best bet is to get your LO to run you an estimate of your costs at the high end and prepare for that. Good luck and congrats on the wedding!
