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Can you buy a foreclosure with an FHA loan?
I’ve got my eyes on a foreclosure in my hometown I’d like to purchase. However, the only way I’ll be able to afford it is with an FHA loan. This is a big opportunity for me—can I buy a foreclosure with an FHA loan?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We’ve got good news—you can purchase a foreclosure with an FHA loan.
An FHA loan is a specialty loan offered by the Federal Housing Administration to help those with bad credit, low income, or first-time buyers purchase a home. These loans also usually have very low down payments.
These loans can be used on almost any property purchase, including a foreclosure. All the property just needs to meet FHA standards, which usually involves an appraisal.
If you manage to get the home you’re dreaming of, make sure to protect it with a proper
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- Gregory R.
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