Hi everyone, I have a question about getting a mortgage that may sound a little stupid, but I really need an answer. For some reason that'd take a long time to explain, I need to find a mortgage where the seller is the source of financing. In other words, if the mortgage provider is a bank, then the bank must own the house. Is there any hope in finding something like this?? Also, I dont exactly understand what the FHA houses are, are they like houses that are owned and financed by the government?? Thank!!!!
Well, we bought our house from Countrywide Home Loans. I suppose if they had offered us as good of a deal as Wells Fargo we could have gotten financing through them. Just ask your real estate agent to show you forclusures and then apply for financing through the bank that forclosed. FHA is just a government program that basically insures loans. If you get an FHA loan, you have to meet their qualifications which are pretty lenient in my opinion. Then if the bank forecloses HUD gets the house and the bank gets their money. You have to pay mortgage insurance for this but if you have little down and so so credit, you can still get great terms. We got 5.75 last summer with a previous Chapter 7, high debt and scores below 600. Kim
