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Is there any way to encourage banks/lenders to make a loan on a foreclosure/bank owned home? or a home that needs work? Answered

My wife had good credit when she married me, I've always had marginal/poor credit, but see that there are dozens of homes that could use some work in our town, and for really cheap ($20k-$40k). I would certainly do a lot of the work myself, but don't know how that would affect said lender's opinion.

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garyboy
garyboy

11 years ago

Start contacting lenders and ask them if they can provide you with a FHA 203K Streamlined loan. It is a FHA program that allows you to purchase over and above the list price of the home to make repairs. With an FHA loan you are only required to put 3 and a half percent down and can ask the Seller to pay up to 6 percent in closing costs assistance. Hope this helps.

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lemonie
lemonie

11 years ago

Have you the combined income to service the loan? I should think that is what a lender would be most concerned about. What are they saying to you? L