The Lowdown on getting a bank owned property with a LOW down payment in the Bay Area-

The credit crunch has affected many homeowners trying to get a home loan in the Bay Area. These days having a low down payment leaves you few options. The best option for bank owned property in the Bay Area Real Estate is FHA financing.

FHA was flooded with applications in 2008 helping over 630,000 home buyers buy Real Estate with only 3.5% down payment.

How can I buy a home with only a 3.5% low down payment?

Being a FHA lender FHA financing is a very good way for first time home buyers to obtain financing. The main factors are:

• Credit history
• Income
• Job history

A true benefit of FHA financing is that some one with a 580 fico score can receive the same interest rate as someone with a 700fico score. If you would like to find out how FHA financing could help you buy one of many foreclosed homes in the Bay Area, call me for details.

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