Hello-
Can someone out there help me out?
My agent tells me that I cannot roll closing cost into my loan for foreclosures. Is this ussually true with most banks???
Are you talking about REO’s, pre-foreclosures or property purchased at the foreclosure sale?
that is up to the lender. if a HUD, u have to bid higher, but they usually don’t like that. some lenders will allow extra amounts in the loan as long as the property supports the amount. in other words, it has to appraise high enuff.
a realtor needs to understand what ur needs are. also, be sure u have a lender lined up that can do what u want. try working with a mortgage broker, and preferably one that deals with investors.