If you are looking to buy a foreclosure as a primary residence FHA can help you purchase the home with 100% financing. Federal Housing Administration has waived their 90 day requirement for homebuyers. Previously homebuyers had to wait 90 days for a home to be approved for financing to stop flippers from using FHA loans. The infusion in FHA loans will provide another pillar for the market to regain it's balance.
Note: FHA is for Primary residence only.
This is how it works FHA will give you 97% of the purchase price. The Seller can give you up to 6% to cover your closing cost and prepaid. The 3% down payment can come from a friend, a family member, or a non profit.
I have NON PROFIT that will give you the 3% all day long, because they charge min $500. The seller signs a pre arranged agreement giving instructions to the title company that the 3% plus $500 processing is wired back to the Non Profit from the seller proceeds.
Contact: Thomas Martin
Phone: 954-391-8387 or E mail me at
Email Me Here
http://www.FHAmortgagePrograms.com
