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Originally Posted by mikejr
good point....the lack of purchase money mortgages will increase the number of tenants in the market.
We have a steady stream of people that want to buy REO homes, but need to finance them. Problem is, 95% of these homes need work and will fail a conventional loan appraisal due to condition or freeze damage etc. Many of the buyers can and will repair the properties after closing, but cannot buy them due to lack of financing options. Do you have any products that would fit the bill? Doesnt seem that any of our local lenders/brokers/bankers have such a product.
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I would look into OTC improvement deals from a bank like IndyMac (headache) or some of their competitors.
It defintely can't be done conventionally.