my brother wants to buy two family members out of an heir property. the home resides in louisiana in which he is living there. the house is worth around 110,000. the home is free and clear. he would only need to borrow around 75,000. he has a foreclosure on his credit from a previous home. will anybody give him a loan since he has equity?
Since your brother is buying from a family member they can give him a gift of equity. So I guess the answer to your question is yes he can get financing. The type of financing he can get depends on when that foreclosure happened, and what his credit looks like since then.
How long ago was the foreclosure and has he re-established his credit since then?
Those two questions would be the biggest obstacles to getting a loan…being that it’s OO it would be easier…I do 100% Financing OO with a 560 FICO