Comments for Buy Foreclosed Homes http://www.petorka.com Homes for Pennies Tue, 07 Sep 2010 14:29:59 +0000 http://wordpress.org/?v=2.9.1 hourly 1 Comment on How can I buy a foreclosed home with bad credit? by OldJimmy http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit/comment-page-1#comment-882 OldJimmy Tue, 07 Sep 2010 14:29:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit#comment-882 The lender who foreclosed on the house is not going to be a source of financing for you. You will need to obtain your own financing. Your credit is going to be the bump in the road for you, regardless of all the other factors. But if it isn't dismally bad you can probably find some high-interest financing still. However, this may be the best time for you to rent. It will give you time to repair your credit. There are tons of properties available for rent. And as you can tell from the news, the market isn't going to rebound quickly, especially if the government keeps trying to "fix" it. Once they stop that, things will heal themselves in time and start to improve, and then you can move on your plan. But there just isn't much percentage right now in getting into a high rate loan on a property that might even continue to depreciate for a while from the low price you end up paying.<br><b>References : </b><br> The lender who foreclosed on the house is not going to be a source of financing for you. You will need to obtain your own financing.

Your credit is going to be the bump in the road for you, regardless of all the other factors. But if it isn’t dismally bad you can probably find some high-interest financing still.

However, this may be the best time for you to rent. It will give you time to repair your credit. There are tons of properties available for rent. And as you can tell from the news, the market isn’t going to rebound quickly, especially if the government keeps trying to "fix" it. Once they stop that, things will heal themselves in time and start to improve, and then you can move on your plan.

But there just isn’t much percentage right now in getting into a high rate loan on a property that might even continue to depreciate for a while from the low price you end up paying.
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]]> Comment on How can I buy a foreclosed home with bad credit? by reenzz http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit/comment-page-1#comment-881 reenzz Tue, 07 Sep 2010 14:08:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit#comment-881 This is what you need to purchase ANY home: Fair to great credit...at lease 620 fico score. 3x's salary equal to monthly mortgage payment. 10-20% downpayment closing costs. low debt ratio<br><b>References : </b><br> This is what you need to purchase ANY home:

Fair to great credit…at lease 620 fico score.

3x’s salary equal to monthly mortgage payment.

10-20% downpayment

closing costs.

low debt ratio
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]]> Comment on How can I buy a foreclosed home with bad credit? by Judy http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit/comment-page-1#comment-880 Judy Tue, 07 Sep 2010 13:47:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-can-i-buy-a-foreclosed-home-with-bad-credit#comment-880 It can be done. Fix everything - absolutely everything - in your credit reports. Go to Annual Credit Report.com Print them all out. Get a book on Credit and Debt Repair from your library or bookstore and get to work. Most things won't improve your score - but they will improve your credit reports. Major lenders will focus on your credit reports - they don't worship the score. /<br><b>References : </b><br> It can be done.
Fix everything – absolutely everything – in your credit reports.
Go to
Annual Credit Report.com
Print them all out.
Get a book on Credit and Debt Repair
from your library or bookstore and get to work.

Most things won’t improve your score – but they will improve your credit reports.
Major lenders will focus on your credit reports – they don’t worship the score.
/
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]]> Comment on how much foreclosure homes cost and where to buy? by realtor.sailor http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy/comment-page-1#comment-853 realtor.sailor Fri, 27 Aug 2010 14:29:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy#comment-853 In general foreclosed homes are price lower than comparable homes. They may range from move in condition to major repair, but the price reflects the condition. You are buying "as is" but have the right to inspect and cancel if you don't like the results. There are no hidden costs per se, but there are additional costs. When you but a foreclosed home (usually FNMA) the seller doesn't pay transfer tax, title insurance and related closing fees. Contact a local Realtor. Banks don't sell their foreclosures direct (called REO's) they list them with Realtors. Realtor.sailor<br><b>References : </b><br>I sell FNMA foreclosures. In general foreclosed homes are price lower than comparable homes. They may range from move in condition to major repair, but the price reflects the condition. You are buying "as is" but have the right to inspect and cancel if you don’t like the results. There are no hidden costs per se, but there are additional costs. When you but a foreclosed home (usually FNMA) the seller doesn’t pay transfer tax, title insurance and related closing fees. Contact a local Realtor. Banks don’t sell their foreclosures direct (called REO’s) they list them with Realtors.

Realtor.sailor
References :
I sell FNMA foreclosures.

]]> Comment on how much foreclosure homes cost and where to buy? by Iffy http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy/comment-page-1#comment-852 Iffy Fri, 27 Aug 2010 13:45:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy#comment-852 They are not cheap. Your local realtor has the list. Foreclosures are sold as is and take 3 times as long to close<br><b>References : </b><br> They are not cheap. Your local realtor has the list. Foreclosures are sold as is and take 3 times as long to close
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]]> Comment on how much foreclosure homes cost and where to buy? by Pillo http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy/comment-page-1#comment-851 Pillo Fri, 27 Aug 2010 13:15:59 +0000 http://www.petorka.com/buy-foreclosed-homes/how-much-foreclosure-homes-cost-and-where-to-buy#comment-851 Dear see this site http://www.OnlineBusinessMall.com I believe it will be helpful in resolving your problem keep using answers.yahoo.com<br><b>References : </b><br> Dear see this site http://www.OnlineBusinessMall.com I believe it will be helpful in resolving your problem keep using answers.yahoo.com
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]]> Comment on what programs will help us with buying a foreclosed home? by ofelia sobczyk http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home/comment-page-1#comment-812 ofelia sobczyk Sat, 07 Aug 2010 08:48:59 +0000 http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home#comment-812 There are a few really good tips on exactly this. check out the tips at www.loansource.tk<br><b>References : </b><br> There are a few really good tips on exactly this. check out the tips at http://www.loansource.tk
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]]> Comment on what programs will help us with buying a foreclosed home? by Syres20 http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home/comment-page-1#comment-811 Syres20 Sat, 07 Aug 2010 08:29:59 +0000 http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home#comment-811 foreclosed homes are tough to get financed with an FHA loan (which only requires a 3.5% down payment) since most foreclosed home aren't FHA approved. Try a HUD property, or visiting local municipalities, to inquire about affordable houses; or local (city/county) grants that can be used towards the down payment and closing costs. Some Florida cities have previously offered 30-50K to move into their area, others (Tamarac, FL)offered up to 70% assistance towards a foreclosed home purchase (based on income level)<br><b>References : </b><br>http://www.floridahousing.org/Home/HousingPartners/LenderPage/FirstTimeHomeBuyer/DownpaymentAssistance.htm http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home http://www.hud.gov/local/index.cfm?state=fl&topic=homeownership foreclosed homes are tough to get financed with an FHA loan (which only requires a 3.5% down payment) since most foreclosed home aren’t FHA approved.
Try a HUD property, or visiting local municipalities, to inquire about affordable houses; or local (city/county) grants that can be used towards the down payment and closing costs.
Some Florida cities have previously offered 30-50K to move into their area, others (Tamarac, FL)offered up to 70% assistance towards a foreclosed home purchase (based on income level)
References :
http://www.floridahousing.org/Home/HousingPartners/LenderPage/FirstTimeHomeBuyer/DownpaymentAssistance.htm
http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home
http://www.hud.gov/local/index.cfm?state=fl&topic=homeownership

]]> Comment on what programs will help us with buying a foreclosed home? by ibu guru http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home/comment-page-1#comment-810 ibu guru Sat, 07 Aug 2010 07:59:59 +0000 http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home#comment-810 Absolutely not. You cannot afford to purchase property. There is no way anybody is going to give you money for a down payment unless your family is sufficiently affluent to gift you a substantial down payment, and even then, your income would not qualify you for any mortgage. You are going to have to work and find a way to increase your income. If you ever want to own a home, you need to save up 20% down, plus closing costs, plus 3-6 months of cash reserves, have a track record on the job, credit scores of 680/700 or better, low debt ratio.<br><b>References : </b><br> Absolutely not. You cannot afford to purchase property. There is no way anybody is going to give you money for a down payment unless your family is sufficiently affluent to gift you a substantial down payment, and even then, your income would not qualify you for any mortgage.

You are going to have to work and find a way to increase your income. If you ever want to own a home, you need to save up 20% down, plus closing costs, plus 3-6 months of cash reserves, have a track record on the job, credit scores of 680/700 or better, low debt ratio.
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]]> Comment on what programs will help us with buying a foreclosed home? by Common Sense http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home/comment-page-1#comment-809 Common Sense Sat, 07 Aug 2010 07:54:59 +0000 http://www.petorka.com/buy-foreclosed-homes/what-programs-will-help-us-with-buying-a-foreclosed-home#comment-809 Seriously? Your income is WAAAAAYYYYYYY too low to buy anything. No one will just give you a down payment either.<br><b>References : </b><br> Seriously? Your income is WAAAAAYYYYYYY too low to buy anything. No one will just give you a down payment either.
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