how to buy a reo property with an fha loan_ 5 steps
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8/13/2019 How to Buy a REO Property With an FHA Loan_ 5 Steps
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Steps
http://www.wikihow.com/Main-Page -
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12.12.2013 How to Buy a REO Property With an FHA Loan: 5 Steps
www.wikihow.com/Buy-a-REO-Property-With-an-FHA-Loan
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Consider hiring a real estate broker with FHA-backed loan and REO
experience.You can act as your own representative but the paperwork and program
complexities involved may be difficult unless you have previous real estate experience.
Contact an FHA loan specialist at a local bank to get pre-approved for your
loan.
You will need to have your last 2 years of addresses, social security numbers, 2
years of employment information, current gross monthly salary, current checkstubs, 2 years of past W-2 forms, 2 years of personal tax returns, current income
statement, balance sheet for self-employed individuals, checking and savings
account information, investment account information, and information on any
existing loans. You will also need documentation on other real property that you
possess, the estimated value of all your personal property, certificate of eligibility
and DD-214 (veterans only).
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12.12.2013 How to Buy a REO Property With an FHA Loan: 5 Steps
www.wikihow.com/Buy-a-REO-Property-With-an-FHA-Loan
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Locate a property that meets FHA standards.These requirements are less
stringent than they once were.
There are now FHA loans available to cover properties that require repairs. FHA
203(k) loans allow you to borrow up to $35,000 above the price of the house to
make repai rs. You may wish to have a professional inspection done to ensure that
repairs needed will not exceed the amount allowable by the program that you
applied for.
Submit your offer or if you hired a real estate broker, they will submit the
purchase offer, escrow check and loan pre-approval letter to the bank or
management company.
Unlike real estate transactions in the private sector, transactions that involve bank-
owned properties generally take 2 to 3 months to close. You may have to wait 30
days or more before you find out if your offer has been accepted, rejected or
whether a counter offer has been made.
Once your offer has been accepted, you or your broker will coordinate with the
closing company to arrange a closing date. The bank will typically be represented
at the closing by the real estate agent who listed the property for them.
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How to
Get an FHA Loan
How to
Get a Title Back
From a Title Loan
Company
http://www.hud.gov/buying/loans.cfm
http://www.fha.com/faq.cfm
http://www.dora.state.co.us/real-estate/manual/manual_2011/index.html
http://www.realtytrac.com/foreclosure/REO/checklist-buying-bank-owned-reo.html
Tips
Related wikiHows
Sources and Citations
http://www.realtytrac.com/foreclosure/REO/checklist-buying-bank-owned-reo.htmlhttp://www.dora.state.co.us/real-estate/manual/manual_2011/index.htmlhttp://www.fha.com/faq.cfmhttp://www.hud.gov/buying/loans.cfmhttp://www.wikihow.com/Get-a-Title-Back-From-a-Title-Loan-Companyhttp://www.wikihow.com/Get-an-FHA-Loan -
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