how to buy a reo property with an fha loan_ 5 steps

8/13/2019 How to Buy a REO Property With an FHA Loan_ 5 Steps

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Steps
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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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