Financing Pre-foreclosed Properties
Hi I have a question regarding financing a pre-foreclosure. First of all i have a family member who is a mortgage broker, will this help me save on my closing costs? Also, What % downpayment are we talking..is 5-10% down on a preforeclosure or 90-95% ltv reasonable? Im just looking into preforeclosures..havent done any deals yet..any info would really help thanks
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On 2003-01-19 15:37, Mlsjs wrote:
Hi I have a question regarding financing a pre-foreclosure. First of all i have a family member who is a mortgage broker, will this help me save on my closing costs?
They should know some ways for you save a few $$ here and a few there.
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Also, What % downpayment are we talking..is 5-10% down on a preforeclosure or 90-95% ltv reasonable?
Depends upon your credit situation and income. With decent income and credit 90-95% ltv is reasonable.