Bank won’t lend home loan toward foreclosures

2 Replies

Hello all my name is Jacob I'm getting my feet wet in REI, I've done lots of research and think I'm ready to find my first deal. Recently went to my bank and asked for a home loan and told them I'd be using it towards a foreclosure to fix up and live in. They quickly told me that they aren't up to lend for a foreclosure because the property would have to be in living condition. Is there another type of loan I could ask for? Or maybe should I try to find another lender other than the bank for this loan? Thank you in advance for any opinions.

Yes, there are many lenders that will lend on this type of situation. Keep looking, call at least 10 and compare. I used LimaOne for one similar to this... but there are many. Keep your head up and move forward!