Mortgage loan to buy a foreclosed house

2 Replies

Hi,

I’m 27,m, single, no kids, 733+ FICO score (1yr of history), zero debt, ~30k annual income & no permanent resident card (on visa). I believe i will get the card eventually, but rn i don’t have the papers to assure the lenders that i will get that card.

I wanna buy a foreclosed house within 25 miles of 73159 (owner occupant) and hopefully rent it too. I prefer a simple 2+bd, 1+bath house with a car garage. 

Can anyone give me the list of lenders/banks/or whatever who can give me this loan? If possible, i wanna do a 3% downpayment type loan with the lowest apr offered in the market.

Loan amount i need is under 60k

Regards,

Updated about 2 years ago

Update: i have EAD n SSN

Originally posted by @John Peters :

Hi,

I’m 27,m, single, no kids, 733+ FICO score (1yr of history), zero debt, ~30k annual income & no permanent resident card (on visa). I believe i will get the card eventually, but rn i don’t have the papers to assure the lenders that i will get that card.

I wanna buy a foreclosed house within 25 miles of 73159 (owner occupant) and hopefully rent it too. I prefer a simple 2+bd, 1+bath house with a car garage. 

Can anyone give me the list of lenders/banks/or whatever who can give me this loan? If possible, i wanna do a 3% downpayment type loan with the lowest apr offered in the market.

Loan amount i need is under 60k

Regards,

 Hi John,

For the immigration stuff, see this chart: https://i.imgur.com/QxqxoZT.png

Other than that, the big thing with foreclosures is the property condition. Some squatter tore out the toilets 3 months ago. You are willing to put them back in so you can close (can't close w/ a vanilla mortgage without toilets!), but the bank that owns the home won't let you. Chicken or the egg. 

Hi Chris,

I have those docs req. for eligibility. What i don’t have is those doc’s renewal guarantee which the lenders may ask. 

If i can apply for their HomeReady program, can u send me its pre approval link or guide.

Thanks