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Is she able to qualify for a cash out refinance to pay off the back owed property taxes? What is her credit like and her income situation? Doesn't take a whole lot to qualify for $40k. If her credit is good enough she may be able to qualify for a home equity loan, which have very low and often no closing costs.
The problem is, she doesn't have steady income, which is why the taxes got out of control. There is no mortgage on the home. I don't think the credit is that great. I think she wants to sell it before it goes to a tax sale -- my understanding is that she would walk away with nothing if that happens.
We are looking for a home - which is how the matter came up. I just wasn't sure if a conventional or FHA mortgage would work in this case.
As an aside, could this type of purchase qualify for a renovation loan (203K, Homestyle, whatever?)
Thanks for taking the time to respond. I really appreciate learning from the experts!
If she isn't able to qualify then buying it from her would be possible as long as your income, credit, down payment, etc. qualify.
If you aren't going to live there as your primary residence it'd need to be purchased as a 2nd home or investment property, which are still both are eligible for a Fannie Mae HomeStyle renovation loan (not FHA 203(k) though, as that is only for primary residences).