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Updated over 10 years ago on . Most recent reply

Tom McGrail's profile image
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Tom McGrail
  • Investor
  • from Sicklerville, New Jersey
  • Member since Jul 31, 2014
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Tom McGrail's profile image
Tom McGrail's profile image
Tom McGrail
  • Investor
  • from Sicklerville, New Jersey
  • Member since Jul 31, 2014
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Tom McGrail
  • Investor
  • Sicklerville, NJ
1
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8
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Private Lending & Conventional Mortgage Advice

Foreclosure

Tom McGrail
  • Investor
  • Sicklerville, NJ
Posted
Hey guys, I am working on buying my first property in south jersey, I have heard that you can not buy a foreclosure with a fixed rate mortgage? Have you guys ever heard of this?
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks's profile image
Wayne Brooks's profile image
Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Totally wrong. A foreclosure (REO or short sale) is financed like any other sale, unless the condition of the property disqualifies it for financing. Then, you could use a FHA 203k, if you'll owner occupy.

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