Another question for you grim repo/firstsource

[4peoples]

ok you asked me on the last question I had asked about me being able to qualify for a mortgage if i could get the other 2500 to go with the 6000 lets say I could get 8500/20% down, how much of a better chance would i have then? Because I can get that much, the only thing I forgot to mention is that this home is a foreclosure does that change things? do you have to go with the financing through the original bank/finance company?
after you roll all of this info to the original info I said what are my chances now?

[Anonymous]

Ohhhhh .... that changes things.

I will tell you that more down payment will give you a better shot at getting financed. having 20% will keep you from having to pay that stinking mortgage insurance.

Charles will have to advise you on how to go about getting the house since it's an FC.

[firstsource]

Your chances may have improved in this situation.

You don't have to go with the bank that is servicing the FC, but in this case I would highly suggest it. They should be very happy to give you this size loan, since they are 1) getting the money that they want from the property, and 2) they will end up with a very good loan. I say this because I think you said that the home was worth about 65000. You will be borrowing about 50% of the value of the home. When you negotiate with the bank, let them know that this 8500 is all that you have, so it needs to include the closing costs and the down payment.

I would suggest that if this works for you, that you go to a real estate attny and have them look at the sales agreement. Lot's of fine print.

Charles