SOURCE: Mortgage News Feed
Foreclosed properties often create a Catch-22 for buyers. On one hand, they can provide a chance to buy a home that may cost much less than comparable sites in the neighborhood. But because many of these homes need substantial repairs, private lenders tend to be skittish about financing foreclosure deals. See The Pitfalls of Buying A Foreclosure House. If you can pay for the property and any necessary renovations in cash, you’re in an enviable position.
To read the entire article, please visit:
About The Author
Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.