Flickr photo by Nick Bastina

Did you know you can use the power of a USDA Home loan to purchase a Real Estate Owned (REO) property.  Yes, all the deals you’ve been hearing about on homes and a bank presently owns.  Sometimes a foreclosure will need a little work, but recently foreclosures have been coming on the market needing less, and less work.  With a USDA home loan you can purchase a home at under market value, and with 100% financing, and if the house appraises for enough you can even roll in the closing costs.  A lot of lenders are so eager to move these homes that they will offer a closing costs concession, a percentage of the purchase price to use towards your closing costs.

You can use USDA Home Loan financing to purchase a foreclosed, bank owned (REO) as long as the house will be the house you intend on living in (primary residence).

With any home, but especially REO’s you must ensure that the property meets FHA minimum property requirements (MPR). The 3 S:
1.  Safety
2.  Security
3. Soundness

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When you are ready to take the next step to get pre-qualified to purchase a home you can fill out my secure online application.  If you’re just looking for just a little more information contact Jeremiah or complete the Live Rate Quote box on the right.

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Related posts from Indiana's USDA Home Loan Expert:

1. The Benefits of a USDA Guaranteed Loan to Purchase
2. Using a USDA Loan to Purchase a Home After a Foreclosure
3. Minimum Property Requirements for a USDA Home Loan
4. How Much Can I Afford
5. Where’s the Beef?