Mortgage Lenders with no Waiting Periods After Foreclosure. Athas Capital has a non-prime loan program that allows you to purchase a new property even just. state that you must wait at least 3 years before you are eligible for a FHA loan.
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Sometimes, buying a home that was foreclosed on by the previous owner has things that may need repair before any lender or loan program will provide financing on that property. If this is the case with the homes you are seeing, you can use an FHA 203K renovation loan to finance those repairs. Your lender should be giving you all these details.
Learn how long you'll have to wait to get a FHA loan after a foreclosure or. process-but that doesn't mean that you can't buy a house during that time. You can.
Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. FHA’s 203(k) Rehabilitation Loan is designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.
Buying a home after foreclosure with an FHA, Freddie Mac, Fannie Mae, VA or usda mortgage means abiding by their rules and waiting periods. Even then, you still might get turned down.
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The bottom line is that you can use FHA financing for a foreclosed home. In a perfect world, you’ll find a foreclosure in good condition that passes the appraisal. You can then go about the financing as you would any other FHA loan. If the home is in disrepair, you’ll need the fha 203k loan and all of the work that goes along with it.
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Brett Keppler, Real Estate Broker for TREO, Realtors in Cincinnati, OH, explains the best strategy for negotiating with banks to purchase a foreclosure using FHA financing.