Updated over 11 years ago on . Most recent reply
Foreclosure
Hey guys,
I am working on buying my first property in south jersey, I have heard that you can not buy a foreclosure with a fixed rate mortgage? Have you guys ever heard of this?
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Wayne Brooks
#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Totally wrong. A foreclosure (REO or short sale) is financed like any other sale, unless the condition of the property disqualifies it for financing. Then, you could use a FHA 203k, if you'll owner occupy.