How to Creatively Finance A Foreclosed Property Purchase
Creative Financing of a Foreclosed Property
Here is 3 quick methods of funding your home purchase:
Assume the current loans:
Some lenders will allow you to assume the payment. Always ask the seller if they have an assumable loan. Sometimes, this will be real simple especially with older VA and FHA loans
Take Over Loan: (also known as a wrap loan)
This is a situatin where the seller simply wants to walk away and tells you to take over the payment. You'll still need to do your research and make sure there aren't any undisclosed liens. You must use a title company in all instances.
100% Lender Financing:
If you have good credit, you can often find 100% financing from your better mortgage lenders in the area. You might even qualify for 125% financing which will allow you to actually walk away with cash at closing so you can fix up the house.
Investor financing:
Let's say you find a hot deal and it is way below market. You can often find many investors which will go into a joint venture with you and split the profits. You found the foreclosed house and they'll put up the money. You sell and split the profits in half.
These are just a few ways. There are many other methods of getting the house funded.
Just find a good deal and the rest is easy !
filed under: foreclosure investing
Here is 3 quick methods of funding your home purchase:
Assume the current loans:
Some lenders will allow you to assume the payment. Always ask the seller if they have an assumable loan. Sometimes, this will be real simple especially with older VA and FHA loans
Take Over Loan: (also known as a wrap loan)
This is a situatin where the seller simply wants to walk away and tells you to take over the payment. You'll still need to do your research and make sure there aren't any undisclosed liens. You must use a title company in all instances.
100% Lender Financing:
If you have good credit, you can often find 100% financing from your better mortgage lenders in the area. You might even qualify for 125% financing which will allow you to actually walk away with cash at closing so you can fix up the house.
Investor financing:
Let's say you find a hot deal and it is way below market. You can often find many investors which will go into a joint venture with you and split the profits. You found the foreclosed house and they'll put up the money. You sell and split the profits in half.
These are just a few ways. There are many other methods of getting the house funded.
Just find a good deal and the rest is easy !
filed under: foreclosure investing
posted by Mr. Foreclosure at 9:39 AM
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