Financing a forclosure - first property

[Sean Gleason]

I'm looking into forclosures in my area for my first property. I don't have much cash to invest right now. Will most lenders finance a fixer upper forclosure with say 20 percent down? If I dump all my money into getting the property I won't have any to fix the property. 

[Michael Ablan]

Hey @Sean Gleason

Call your local banks and inquire about a 203k loan.  This is construction loan that will piggyback off our mortgage when you purchase a property that needs rehab.  

Also, look into the Fannie Mae Homestyles loan.  Similar type of thing.  https://www.fanniemae.com/content/fact_sheet/homes...

My best advise would be to google a directory of EVERY single bank in your area.  Block out 2 hours in the morning or early afternoon and start working your way down the list.  Don't take no for an answer (unless you're trying to get a bank loan without a W2, bad credit and/or a super high debt/income ratio).

Good luck!