There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home. Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals.
There are some special points you should remember:
- Many Banks will not finance manufactured housing. If you are considering a mobile home, foreclosure, please tell your mortgage lender about the property type UP FRONT (If the lender is seasoned they know to ask this), because it makes a huge difference.
In NC, the mortgage lender has restrictions on their ability to pay closing costs if it is a very small home (less than $75K) . If you have very little, to no money, to put into the transaction, you should ask HUD (or Freddie, or the bank – whoever is selling the property) to pay for your closing costs as part of the contract.
We do not offer any 100% financing programs that will allow you to make improvements/repairs to the property. We do offer rehab loans, for properties with a total value (meaning purchase of the property plus the cost to rehab) of less than $295,000 in Wake County.
Generally, the borrower must make a 3.5% downpayment for this loan. HOWEVER, if you are purchasing a HUD foreclosure, we might be able to do a $100 downpayment. It must be negotiated into the contract with HUD. (SEE DETAILS BELOW!) [Read more...]














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