Repo Homes New Mexico

Your Source for Albuquerque and Rio Rancho, NM
Bank and Government Foreclosure Properties

 

What kind of financing is available for Albuquerque /
Rio Rancho NM area foreclosure homes?


 

The type of mortgage you can use to purchase a bank or government repo home in Albuquerque / Rio Rancho NM is no different than buying any other resale home. The primary obstacle that comes in the purchase of a property that needs more than cosmetic repairs is that generally FHA and VA Financing requires a basic inspection of the major systems of the home – roof, water heater, furnace, A/C, flooring, foundation, electrical system and plumbing.  If these or other items require more than minor repairs, the lender will not complete the financing without remediation. So, if you want to purchase a severe fixer upper, either Cash or Conventional Financing must be used. (There is an exception to the above. There is a special FHA loan program specifically for fixing up dilapidated properties, called the 203K program. In the Albuquerque and Rio Rancho Metro area, there are only a few mortgages lenders who offer this type of mortgage. Ask your Realtor for more information on this type of financing.)