I'd like to buy a foreclosed house in my neighborhood, what loan products are available?
I bought my first house August of this year and I have 2 roommates helping me with cost. I make about $7000 gross a month at my full time job and about $1050 a month from my 2 roommates. My credit score is 789 and I have no debt other than my mortgage. I'd like to buy another house in my neighborhood and rent it out but don't have much cash for another down payment.
Asked By: hotguyfromrincon - 12/24/2008
Best Answer - Chosen by Asker
As a Mortgage Loan Consultant by trade I can see that this may be a difficult road for you. First thing is that banks right now are not lending on a second home. Second, Mortgage insurance companies are not insuring homes without a very large down payment and without mortgage insurance you cannot sign title to your... More
Answered By: alex c - 12/25/2008
Additional Answers (2)
i did not state where you live but I suggest waiting before you buy anything else.......unless you can save 50%---or obtain a county tax foreclosure prop. YOU can get an 80% new ltv loan on the new home--or perhaps even 100% if you are moving into it.
Answered By: kemperk - 12/24/2008
Because this will be considered an investment property, you are going to need some down, probably at least 10%.
Answered By: godged - 12/25/2008
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