can you use an fha loan to buy a foreclosure

When a homeowner can’t make mortgage-loan payments and the lender repossesses. than you might otherwise get. Pros of buying a foreclosed home include: You can use traditional financing like VA.

If you meet the minimum eligibility criteria for the program, and you plan to live in one of the units of the property, you can use an FHA loan to buy a duplex multifamily home. We talked about the owner occupancy situation already.

Buying the home with a loan insured by the Federal Housing Administration (FHA) can save you additional money up-front on the down payment. Tip Buying a short sale home using FHA loans can.

If you have gone through a foreclosure, you might qualify for a new FHA mortgage loan after waiting three years. After a Chapter 7 bankruptcy , the waiting period is generally two years. If you file for chapter 13 bankruptcy , you might be able to get a new FHA mortgage before you complete the plan.

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Can You Buy a Foreclosed Home With an FHA Loan. – The federal housing authority insures mortgage loans to help qualified buyers with little cash and less-than-stellar credit purchase homes. You can use an FHA loan to buy just about any type of house, including stick-built, modular and manufactured or mobile homes.

Buying a home using a VA mortgage after foreclosure. Defaulting on a home loan often puts would-be home buyers in a tough financial spot. However, unlike homeowners with FHA loans or conventional.

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Best Answer: You may be pre-approved for a FHA mortgage loan. Going to an auction to purchase one might be a different case altogether. In many cases the house at auctions have sat empty for quite awhile. If this is the case the auctioned house might not be able to stand up to a FHA appraisal as to.

Can I Buy a HUD Home With an FHA 203(K) Fixer-Upper Loan? July 5, 2012 – FHA.gov has a special section for buyers who may be interested in purchasing HUD homes. A HUD home is a house purchased with an FHA mortgage which later entered default and foreclosure.

If you meet minimum requirements, and choose a property that meets Federal housing administration (fha) standards, you can buy an REO property with an fha backed loan. FHA Loans and Old Foreclosures – Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%.