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Better rate buying bank owned/?

I'd like to save money by getting an REO or foreclosure property. Are better rates available going this way? by iznguyen78463732 from Newington, Connecticut. Nov 4th 2014 Reply


Robert Graybill (rgraybill72)
#8 ranked lender in Connecticut - 26 contributions

Hello,REO or foreclosure properties, if they are single family homes, have the same rates just as any single family home purchase. If you plan on occupying the home as your primary residence, you may purchase a single family home with as little as 3% to 3.5% as a down-payment depending on the loan program and your credit scores. Also closing costs, which would be in addition to your down-payment, may be financed if certian requirements are met. I would be happy to assist you and answer any additional questions. You may call me any time. 203-530-2674

Nov 4th 2014
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Natale Terranova, Jr (MortgageBanker)
#26 ranked lender in Connecticut - 4 contributions

You generally will save money on the purchase price of the home when you buy a REO or forclosure unless you run into a multiple bid scenario and the price gets run up by bidders. The mortgage program you qualify for will determine the interest rate you are charged and buying the REO or foreclosure property doesn't determine the interest rate. If the property doesn't meet minimum property standards for a particular loan program, you may have to look into a rehab mortgage. I look forward to working with you. 860-803-0810.

Nov 5th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

NO.. in fact, if you purchase a HUD REO, most lenders charge more.. When it comes to purchasing a REO property, you need to be sure that it's fanciable in it's current state. Most banks selling property will not do repairs to facilitate the sale.. instead they will sell it as is.. when your financing, the new lender requires an appraisal and the property must meet minimum property condition standards.. If there are deficiencies that relate to safety or health concerns, the new lender will not lend unless they are corrected. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 5th 2014
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