You found the house, and it’s a fantastic deal! It’s also a foreclosure. Does this mean that your financing has to be different? The answer is maybe.
There are different loans and as many programs through the government, brokers, bankers, credit unions and finance companies. Some lenders will not lend money for condos. Some lenders ONLY loan funds for condos. The best way to navigate through the fields of mortgages is to get educated!
Palm Coast Real Estate Foreclosures
The Internet is an easy way to get the kind of information you need along with your Realtor! Regardless of how the home is sold there are steps that you must do to make sure that you can afford the home. Pick out a mortgage payment that will fit your budget. Remember that just because you qualify for a loan amount does not necessarily mean that you can afford that same loan amount. This is how many home owners get into trouble.
Make sure that you review all of your options. In this market, there are so many ways to finance, you need to consider what is best for you. Be sure to include application fees, appraisals, and loan terms. Once you have made your decision on the type of loan you need, apply. The application is as easy as you make it. Be willing to gather all the documents that you may need including income, assets, household expenses, mortgages etc. Once you have all of this in place, the application can be remarkably easy. Inform the lender if this is a foreclosed home or a short sale as there may be other documents that will be needed.
Once you are approved, sit back, relax and let your Realtor guide you through the process of buying your home. Don’t forget to order an inspection especially on foreclosed properties. Always remember buyer beware. House are priced to sell, mortgage rates are the lowest in years. Do the research, spend the time and you can own a piece of the American Dream.
Elisha J Heebner
Realtor, Short Sale Specialist
Beach Bum Realty
Cell: 386-569-3335
Fax: 386-445-9823
www.elishaheebner.com
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