There are mortgages that allow this. Ask your lender about an FHA 203K loan.
There is nothing wrong with buying foreclosed homes. A professional should be hired to inspect the home and find out what kind of repairs will be needed. There are pros and cons with purchasing a foreclosed home.
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
When foreclosed homes are put up for auction that are usually held publicly by the banks. If you are able to meet all the requirements than you can purchase a foreclosed home.
There are several risks of buying houses in foreclosure. Some of these include: the house may be messy and need a lot of additional repairs, you may end up with an exotic loan mortgage with soaring payments, and it may be difficult to secure a mortgage without a large down payment.
http://www.foreclosurefreesearch.com is the best website I know for foreclosed homes. Very nice structured webpage.
Do not let a low price tag bride you into a quick deal for a home. Be sure to have your budget planned out just to make sure you will have enough money for major repairs most houses often need.
It sounds like you are not on the mortgage with your husband on your previous home. If he is foreclosed on, and you are only on the deed, then you have no financial liability. If you are buying a new home and you are on the mortgage with your husband, you won't be able to get a mortgage because you are on the verge of foreclosing Be careful when buying a home while separated however. Depending on what state you live your husband may be entitled to half the equity in your new home in the event of a divorce. Its called community property Here is a list of community property states: http://www.bankapedia.com/mortgage-encyclopedia/residential-mortgage-terms/121-community-property
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
If you are planning on buying foreclosed homes, then you may want to consider buying a foreclosure list. Make sure that the list you are purchasing is up to date and accurate.
The Mortgage Works website offers mortgage advice and tips to people who are buying their first home. They also have worksheets and calculators for people to see what expenses they need to cover when buying a home.
Theodore J. Dallow has written: 'How to buy foreclosed real estate for a fraction of its value' -- subject(s): Foreclosure, House buying, Real estate investment 'How To Buy Foreclosed Real Estate' -- subject(s): House buying, Real estate investment, Foreclosure