Buying Lehigh Valley Foreclosed Homes & Bank Owned Homes – Getting a Loan to Buy & maybe Rehab them.
Do you want a GREAT DEAL? Are you interested in finding a home that needs work but wonder how you can get a loan on the property? Then Rehab loans are for you. Learn Here.
Times have changed….we are digging our self out of a Recession and the way MOST are buying homes has also changed.
1) MOST Home Buyers are going with an FHA Loan where you only need 3.5% Down as ofToday.not allow any major home repairs and this will make it impossible for home buyers to purchase the below properties.
2) The problem with the Standard FHA Loan is there is an FHA appraisal required that will
SO HOW CAN YOU BUY THE FOLLOWING TYPES OF PROPERTIES THEN?????
Our Current Lehigh Valley Real Estate Market is filled with the following types of homes.
Homes that Need “TLC”
“Foreclosed Properties – Enter at your own Risk” know as Bank Owned Homes
“Vacant & Occupied Short Sales”
The way to purchase homes like this IS the best KEPT secret in THE Lehigh Valley Area.
Now, this type of Financing is NOT something you can do on your own…you need the guidance of professional Mortgage Renovation specialists and a Real Estate Agent “Buyer Agent” who also works with Home Buyer’s interested in purchasing Distressed – Handyman Specials, Foreclosures and walking you through the entire process of purchasing a home and getting a rehab loan that fits your needs.
NOTE: NOT EVERY MORTGAGE COMPANY WORKS WITH THESE PROGRAMS
NOTE: NOT EVERY REAL ESTATE AGENT IS INTERESTED IN HELPING BUYER’S WITH THESE PROGRAMS.
NOTE: IT IS HARD TO FIND INFORMATION ON THESE PROGRAMS AS IT IS NOT QUICK AND EASY TO DO…BUT WORTH THE TIME AND EFFORT. That is why you only found my Blog on the topic.
NOTE: Depending on the Home you are interested in purchasing and the location of the home will depend on what type of loans are availalbe to you.
But, here are some of the Programs made for these types of homes that need “TLC”
1) FHA 203K Streamline – Rehab Loans – smallier repairs up to about $20,000.00
2) FHA 203K Standard – Rehab Loans – Larger repairs – You can do complete rehab inside and out
3) Also, if the home is a Foreclosured Home/Bank Owned Home and THE Owners name is Fannie Mae – then it may qualify for a HomPath Mortgage (currently loan without Rehab is available) There is a national bank that does the rehab loan for this also. See My Blog on HomePath Mortgage Loans.
Make sure the Loan Officers and Real Estate Agent you are working with Specialize in Foreclosures and Rehab loans or they will have no clue and/or they may not be interested in finding a clue.
In the Lehigh Valley – Wells Fargo is the only player for these loans right now…and you need to make sure the person you speak to at Wells Fargo specializes in these loans. I have the contacts…just shoot me an email.