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Is there a way to get down payment assistance on a HUD foreclosure but have a conventional loan?
Wiki User
∙ 12y ago
== == You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down
Wiki User
∙ 12y ago
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What happens to your down payment in foreclosure?
The money is gone after foreclosure.
Where can someone go to obtain down payment assistance?
You can receive down payment assistance from various loan companies. You can also find down payment assistance information from your local state department, this is not available in all states but it is always worth checking there first since often they turn out to be much cheaper and easier to obtain.
What happens when a mortgage defaults after a gift of equity?
The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.
Where can you get down payment assistance for a home loan that requires twenty percent down?
nobody is going to loan you a down payment - contact family members or save the money yourself
What down payment assistance programs are there?
My co-worker borrowed funds to hold them on deposit. The funds were verified so she could qualify for her mortgage. It was easy to get the loan with no credit check because she agreed to just hold the funds on deposit. Then she got a down payment assistance program to make her down payment for her, and she just gave back the deposited funds loan proceeds to the lender. It also helped her credit. I know she got the loan with creditloader dot com, but I don't know what kind of down payment assistance she used. Can anyone recommend a down payment assistance program that is still widely accepted? jameswalker@inbox.lv
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
How much down payment on a conventional loan?
What is the minium percent down for conventional loan?
Where can someone go to obtain down payment assistance?
You can receive down payment assistance from various loan companies. You can also find down payment assistance information from your local state department, this is not available in all states but it is always worth checking there first since often they turn out to be much cheaper and easier to obtain.
What happens when a mortgage defaults after a gift of equity?
The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.
Where can you get down payment assistance for a home loan that requires twenty percent down?
nobody is going to loan you a down payment - contact family members or save the money yourself
What down payment assistance programs are there?
My co-worker borrowed funds to hold them on deposit. The funds were verified so she could qualify for her mortgage. It was easy to get the loan with no credit check because she agreed to just hold the funds on deposit. Then she got a down payment assistance program to make her down payment for her, and she just gave back the deposited funds loan proceeds to the lender. It also helped her credit. I know she got the loan with creditloader dot com, but I don't know what kind of down payment assistance she used. Can anyone recommend a down payment assistance program that is still widely accepted? jameswalker@inbox.lv
How can you get 2000 for a down payment for a home?
If you have not saved this amount yourself, then your best option is to investigate organizations that provide down payment assistance. From my experience there are some requirements before you can get approved for this type of service.
How long after foreclosure can you buy another home?
Depends on how long it takes you to raise your credit score back to an 'excellent' rating and save enough money for a down payment.
I have recently been checking into condo's in Destin, FL. How long does the foreclosure process usually take?
A foreclosure can take weeks up to months to be completed. Applications have to be filled out and then processed by a bank. If you have good credit and a reasonable down payment, a transaction can be processed even faster.
How can one buy a home with no money down?
It is possible to buy a home with no money down, though it is not generally recommended. Some alternatives are to offer an object (such as land, a car, or a valuable collection) as down payment instead of cash; purchasing a foreclosure, some of which require no down payment; receive a VA or FHA loan; or pursue a rent-to-own option.
How can you buy a home with a credit score at 551 and a foreclosure on your credit report?
With a higher interest rate. You will able to purchase a home with a subprime mortgage. What this means is your rate will be much higher than if your credt score was higher. It may be smarter to consolidate your debts and raise your credit score before purchasing a new home. Good luck! Henry Most conventional programs have a 580 credit score requirement for 100% financing for purchasing a home. At 551 you have the option of either contributung 5-10% down payment on a conventional loan or attempting to obtain an FHA insured mortgage which does not have credit score requirements. The foreclosure can also affect your down payment requirements and interest rate but that depends on the time that has elapsed. If you need any further information on either option feel free to contact me at 214)607-1445 or eloy@platinumfinancialonline.com.
How much would be a down payment for second time buyers?
Being a second time buyer has nothing to do with the amount required. The down payment as a % of the purchase price depends on the loan program the buyer has selected. A VA or USDA loan may not require any down payment. Conventional loans may require 5, 10 or 20% down. FHA requires about 3.75% down. It is not a "one size fits all" proposition.
