Bank Owned Home Purchase Loans

What is a Bank Owned Home Purchase Loans?

For the first time in decades, borrowers are seeking home purchase loans for bank owned homes. Nationwide offers mortgage financing for bank owned home purchase loans acquired after a foreclosure. The sub-prime mortgage debacle and declining property value have driven the foreclosures to record totals in 2008 and most experts predict that 2009 and 2010 will see the loan default trend continue. This creates an opportunity for homebuyers looking for deal.

With mounting foreclosures and short sales, banks have accumulated too much inventory for their liking. Needless to say, many borrowers are reporting discounted home for sale. Nationwide can help cut through red tape that typically goes along with buying a foreclosure.

Key Steps of Financing Foreclosure Homes

•Pre-Approval from credible Mortgage Lender prior to offer

•Liquid Assets for Down-Payment

•Completed Property Inspection by licensed inspector

•Appraisal- Value must be established by certified and licensed Appraiser

•Underwriting Approval for Mortgage

•Mortgage Rate Lock Agreement

•Signed Loan Disclosures

We offer conforming, FHA and rehab loans to help you finance the real estate investment.

100% Purchase Loan with VA Mortgage: 0% down
97% FHA Home Mortgage Loan:
3% down
90% Conventional Loan with Mortgage Insurance:
10% down
80% Conforming Mortgage:
20% down