Owner Occupant

[Phillip M.]

Great site, learned a lot by lurking here. I finally have a good question. I have been watching REOs in FL for the last 2 years. One short sale property that I have been watching finally was foreclosed by Freddie Mac last month. I was never able to see it because it was always (several times) under contract when I was in town. It was recently listed "As Is" at a good price and went under contract to an owner occupant in the first 15 days. I do not qualify because it would be a second home or rental for me. Realtors all have said it needs a lot of work.

How can the owner occupant realistically obtain financing on a home like this? The house is listed at 129K, and I can't believe anyone but an investor or home owner would have that much cash. Will Freddie provide them financing on a fixer?