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Is it possible to get a loan for a foreclosed home?

by ukjdbs978907 from Brown City, Michigan. Aug 21st 2017 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

The fact the home you wish to buy is a foreclosed home generally in and of itself has no bearing on your ability to get a loan. But many foreclosed homes have condition issues, and the condition of the home may cause problems getting financing. For this situation in WI, MN, and SD, visit me at www.WI-MortgageBroker.com

Aug 22nd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed.. If you are talking about going to an auction and purchasing a home there and then getting financing for it.. then the answer is most likely no.. when you buy at auction, you have 1 to 3 days to pay for the property in full, and because of the current lending laws and logistics involved in getting a conforming loan, That's just not enough time. But if you are talking about a bank owned property that went to foreclosure, but no one bought it.. so it reverted back to the lender, then typically, these homes will hit the market as REO properties.. If this is your scenario, then yes.. you can get conforming financing so long as the property condition is acceptable for the lending program you are applying for. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Aug 22nd 2017
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