Forgotten Your Password?

Need to Register?

Question Icon

can I buy an auctioned house with an fha loan?

by johnh277 from Bluewater, New Mexico. 13 days ago Reply


Charlie Sparks (CharlieSparks)
#1 ranked lender in New Mexico - 399 contributions

Hi John, I am a mortgage banker in Albuquerque. It is possible but not advised. Auctioned houses often are in some state of disrepair and wouldn't pass an FHA appraisal inspection without repairs being required to be completed prior to closing. Even minor items like cracked windows, missing handrails/deckrails and peeling paint would need to be corrected. If the property you are looking at would pass, you would want to be sure that the appraiser could gain access to the interior and that the seller would agree to a closing date approx 30 days from my receipt of the signed contract. If you'd like to discuss further feel free to contact me at 505-350-3745 or charlie.sparks@financeofamerica.com. NMLS 195031

13 days ago
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

Yes, you can buy an auction house with any mortgage loan type, including FHA. The fact the house is being sold via auction in and of itself generally isn't the problem. Usually it has to do with the condition of the house, and that condition issues can cause all sorts of issues, even more so on an FHA loan. I do FHA loans (and all the others ) in MN, WI, and SD. I can be reached at JoeMetzler.com (NMLS 274132)

9 days ago
0
0
Subscribe to our news feed.