Loans and government programs available when you're buying North Carolina foreclosed homes with financing options
Foreclosed homes have quickly become the most popular way for people to achieve home ownership, since these homes are often sold for less than their actual value. You have many financing options for buying North Carolina foreclosed homes. Even if your credit history is not great, you may still qualify for financing for a foreclosed home purchase.
One of the financing options available is a traditional mortgage loan from a bank or mortgage lender. If you have a good credit history and income, this is an ideal option. A lender will usually pre-approve you for a specific amount after reviewing your finances so you know how much you can offer on a home. In many foreclosure sales and auctions, you will need a pre-approval letter to place a bid or make an offer.
Mortgage lenders and banks also offer home loans insured by the Federal Housing Administration (FHA). FHA programs can help you get a mortgage if you don’t meet the credit or income requirements for a traditional loan. You may also qualify for numerous FHA programs for specific types of homes, like fixer-uppers, or for specific types of people, like first-time homebuyers. Research these programs and then ask lenders about your options.
In some cases, you may be able to finance the purchase of a North Carolina foreclosed home by assuming the seller's loan. This option will only be viable if the terms of the seller's original loan allow it. Before you choose this method of financing of North Carolina foreclosed homes, be sure that you are willing to comply with all of the terms of the original loan. Ask the mortgage lender if assuming the loan is a better option than applying for a new mortgage.
If you are looking to buy government foreclosures, the financing options for buying North Carolina foreclosed homes are abundant. You may enjoy the combination of a home price below market value and a low-interest home loan. Go to RealtyNow to start shopping foreclosure listings in your area today.