I love working with my friend, Steve Thorne, who is a lender in the Raleigh, Apex, Cary Market. We were talking recently about all of the folks we’ve talked to who are interested in purchasing “distressed” and Foreclosed Homes in Raleigh this year! Here are some ideas we came up with for programs you might want to use!
Many times you can buy a foreclosed home with NO money Down – and get a really good deal!
- USDA offers 100% financing for properties that are located in more rural settings, and families that make less than the median area income. These 100% financing loans do not offer additional money – or escrow opportunities to fix any repairs to the property.
- You can purchase a HUD foreclosure for as little as $100 down! In addition to this, for certain properties – if you are a public servant, fireman, policeman, emergency medical or teacher… and you might be able to purchase the property at HALF PRICE! (click here for more details!)
- As a Veteran, your benefits allow you to purchase a home with no down payment. It’s a simple qualifying process, but again, it does not cover any repairs that might need to be made to the foreclosed property!
Please remember that in general, there are very few programs available if you are looking for a manufactured home.
There are also programs available through Fannie Mae and Freddie Mac to purchase THEIR foreclosed houses (distressed property) with special financing!
Now is a great time to buy real estate – and there are a TON of options to consider! If you are ready to get pre-qualified call – 919-649-5058 Steve Thorne Mortgage Loan Office River Community Bank, NA