Tips if you are considering buying foreclosed South Carolina homes with financial assistance programs
Like many areas throughout the country, South Carolina has a large number of foreclosed properties due to residents with financial difficulties. If you’re thinking of buying foreclosed South Carolina homes, financial assistance is available through banks, mortgage lenders and government programs.
If you need financial assistance in South Carolina to buy a foreclosed home, explore your options. Banks and mortgage lenders who own foreclosed homes typically want to sell them as quickly as possible. Banks will also provide financing if you have stable income, a good credit history and money for a down payment. You may be able to get both a home below market value and financial assistance from the same source.
You may choose to get pre-qualified or pre-approved from the mortgage lender or bank of your choice to speed up the purchase of a foreclosed home when you buy one. Many individuals who consider buying a foreclosed South Carolina home and need financial assistance, visit a mortgage broker before looking at foreclosure listings available. The United States Department of Housing and Urban Development (HUD), real estate companies and lenders are other sources.
Both the state and HUD have loan programs for first-time homebuyers, single mothers, teachers and all sorts of specific groups. These programs provide government insurance on loans, but you will still need to get loans through individual mortgage lenders.
The Department of Veterans Affairs (VA), Fannie Mae and other federally funded programs also offer financial assistance for South Carolina foreclosed home buying. To find out which program is best for you, contact the South Carolina State Housing Finance and Development Authority and HUD.
If you’re interested in buying foreclosed South Carolina homes, financial assistance resources can influence your decisions. There are many additional options aside from the financial resources listed above. RealtyNow can help you find financial assistance and foreclosed homes in your area.