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Mom Confessions Mom Confessions

I'm buying a house with the 12,000 I got back in taxes

Posted by on Feb. 8, 2014 at 5:35 PM
  • 49 Replies
Just kidding, had to spice up the title. Dh and I are interested in a home. 4 bed 2.5 bath. It's a foreclosure. Failed title 5 and a Fannie Mae property. What does that mean? I'm assuming we can't get traditional financing..? We're obviously first time home buyers..
by on Feb. 8, 2014 at 5:35 PM
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Replies (1-10):
kbutton24
by Mrs.Sima on Feb. 8, 2014 at 5:36 PM
Bump
kbutton24
by Mrs.Sima on Feb. 8, 2014 at 5:36 PM
Bump
kbutton24
by Mrs.Sima on Feb. 8, 2014 at 5:44 PM
Bump!
kbutton24
by Mrs.Sima on Feb. 8, 2014 at 5:45 PM
Bump!
lovinglife1622
by Bronze Member on Feb. 8, 2014 at 5:48 PM
1 mom liked this
Lol I was all kinds of nosy. I honestly can't help you dh bought this home before me so I've never been through the process either.
caustinb
by Gold Member on Feb. 8, 2014 at 5:49 PM
3 moms liked this
You can get homepath financing on some Fannie Mae foreclosures. Low down payment w no PMI.
Anonymous
by Anonymous on Feb. 8, 2014 at 5:54 PM
You need to go get pre qualified. I bought a foreclosure as a first time home buyer. It can be more stressful, but if you love the place, worth it in the long run. Good luck!
kbutton24
by Mrs.Sima on Feb. 8, 2014 at 6:14 PM
We're qualified for what the home costs but not including what it will cost to fix. It's soo worth it. We'll immediately have 120,000 in equity.

Quoting Anonymous: You need to go get pre qualified. I bought a foreclosure as a first time home buyer. It can be more stressful, but if you love the place, worth it in the long run. Good luck!
dominatrix250
by on Feb. 8, 2014 at 6:28 PM
Meet with a lender. There are programs that will help you get into the home and have $ for repairs.
KaylinC03
by Platinum Member on Feb. 8, 2014 at 6:30 PM
1 mom liked this
A failed title 5 means it failed the septic system inspection (which means it also may cost you a small fortune to fix, so I would be prepared for that).
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