Housing is freaking expensive these days. We're virtually homeless right now (living with my parents) because of it. I have heard, however, that buying a foreclosed home is a good way to get a cheaper deal. I've also heard that you have to pay cash for them. Is there any way to get a loan for a foreclosed home? How do you find them? Would you work with a realtor? Please respond. It makes me sad when I dont' get answers. I don't like being sad.
Try this website:
http://www.hud.gov/homes/index.cfm
Choose your home state, and it'll show you all HUD repos in your area. You are NOT expected to pay cash. And, loans are available – even ones which help you fix the home up.
BUT, (there's always a catch) you have to have decent credit.
HUD is more lenient that some lenders, but they never loan to anyone with bad credit!
The HUD page also offers to match you up with a Realtor in your area, who handles repos, and will "walk" you thru the process.
The Realtor can brief you on credit requirements, as well as other unique details to buying a HUD repo.
Be careful! There are lots of AWFUL ways to purchase a house.
And, if you are "virtually homeless", you might be vulnerable to scoundrels. Be sure to run the information by someone you know and trust — and who understands the real estate game -
before you sign anything.
