Buyig REO - best loan program for mortgage?

You have many lending programs available to you, but nothing specific to REO's, short sales or pre-foreclosure homes.. However, if the home is in need of repairs to qualify for financing, then you can use either conventional's "HomeStyle" renovation loan, or FHA's 203K loan, with the HomeStyle the better loan product.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If you have 20% down, conventional is best.

There are many criteria that determine the best option. $20,000 is a nice downpayment but 679 middle score will make the rate higher because the best interest rates are generally available for middle scores over 740. The amount of the downpayment isn't as important as the % of your purchase price. Talk to a reputable and creative mortgage lender who will consider all your options based on your qualifications and recommend the best options for you.

Grace,depending on the loan to value ( purchase price/ down payment) -type of property,there are options available to you. Your loan officer of choice after reviewing your income, assets, and credit will give you a better idea as to which way to go...Have a great day! :)

The fact a property is a foreclosure in and of itself is completely meaningless to the lender. Condition of the property is a whole different story.