Finanally, some new products are becoming available.  Here is one that works for bank owned properties.

Criteria:  80% loan to value conventional product for owner occupants.  This product is from a large portfolio lender, so their guidelines do not follow Fannie Mae or Freddie Mac.  This can be good or bad, depending on what criteria you may want to work around.

1st liens only--no second mortgages

appraisal must be lender ordered

foreclosure process must be completed

Full home inspection required in addition to an appraisal

Buyer's existing residence must be sold

Mechanics lien coverage in the title insurance required-and possibly other riders as well

Your Minneapolis St Paul Mortgage broker