Many prospective home buyers mention that they are interested in purchase a foreclosure. Many of these prospective foreclosure home buyers though are not aware that the financing choices depend on who the seller is.

In the Chattanooga and North Georgia areas home buyers will find many properties available.

There are many considerations that should be made when looking at a potentional foreclosure purchase, but financing options should be one of the earlier considerations, unless the home buyer has significant down payment funds.

In many cases foreclosure financing options depend on the seller. Typical bank foreclosure properties often do not have any special financing options. And as always, property condition should be a concern. Always include a provision for a home inspection when purchasing a foreclosure.

FNMA owned properties are generally eligible for HomePath financing. This is a 97% purchase program for primary residence purchasers. There is no mortgage insurance with the program, which for many buyers is a plus. The rate for this program is higher than regular financing programs.

This program is only available for FNMA owned properties. More information is available on the HomePath.com website.

HUD owned properties can be f for this HUD $100 down purchase program. The terms with a HUD $100 down are the same as with regular FHA financing. Tis is a great advantage to the $100 down program, regular FHA loan terms but with only a $100 down payment.

More information on HUD owned properties can be found at hudhomestore.com.

Call me or email me with any questions about financing your foreclosure home purchase.

Thank you for visiting. This is the professional blog for

Richard Smith
NMLS# 184479 TN# 40161 GA# 28928　

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC).
Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Stearns Lending, Inc

Cell phone: 423-280-0345 Email: RSmith@Stearns.com

Visit my website to inquiry about a home loan.

Read my most recent articles in Scotsman Guide.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. 
 
Post is included in group: Chattanooga Real Estate
Post is included in group: Georgia Real Estate
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1 Comments on Foreclosure Home Purchases Chattanooga and North Georgia

JUN
01
2011
365,998 Points 17 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Very good loan opportunities for some foreclosures - Fannie Mae and HUD especially.  Many families will be able to buy a home with financing, when they could not otherwise.

That being said, I like your concert posts much better.  :)
2:06am • #1


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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

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