Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

Lehigh Valley Foreclosures seem to be very tempting due to the Price Tag but there are many things a Home Buyer should know about Foreclosures and here we will provide information about what the requirements are for getting a Mortgage for a Foreclosure.

Please welcome my guest writer and Local Mortgage Advisor, Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

What are the requirements for getting a Mortgage on a Lehigh Valley Foreclosure?

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.



In order to finance a foreclosure the same rules apply and the home will need to meet certain requirements deemed by the lender.  You may also want to review Lehigh Valley Foreclosures & Getting  a Mortgage

Such requirements include, but are not limited to:

1. Running water
2. Working electricity
3. Working heat
4. Stove and sink
5. No safety hazards such as broken windows, missing railings, holes in the floor, exposed wires, uneven flooring, excessive amount of yard waste or trash left in the home.
6. Must be able to live in the home at settlement.

Lehigh Valley Home Buyers also found other Topics that where related to getting a Mortgage in the Lehigh Valley interesting; Closing Costs, What is a Good Faith Estimate? and Key Elements to the Mortgage Process.

 * Lehigh Valley Foreclosures - Requirements for getting a Mortgage?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures seem to be very tempting due to the Price Tag but there are many things a Home Buyer should know Foreclosures and here we will provide information about Getting a Mortgage for a Foreclosure.

Please welcome my guest writer and Lehigh Valley Mortgage Advisor, Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

How do Banks feel about financing Lehigh Valley Foreclosures?

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.

Banks today are hesitant to finance a foreclosure.  Financing is contingent on the actual condition of the Lehigh Valley Foreclosure.

You may find these bank-owned properties have been vacant for months, with no running water, electric, or heat.   The previous owners may have not maintained the home.   I myself have also witnessed where the previous owners had removed items from home such as all the permanent appliances, doors, windows, cabinets, bathtubs, and the kitchen sink! 

If the home does not meet the standard requirements as deemed by the lender, it will not be eligible for a Lehigh Valley Mortgage.

If you are interested in Lehigh Valley Foreclosures, please look into loan programs such as:

1. The Good Neighbor Next Door Program
2. SF Rehabilitation Loans (203k)

Please make sure you have gone through the Pre-Qualification process and have disclosed the condition and contents of the home with your mortgage broker to prevent loan denial.

I hope this has increased your knowledge about getting a Mortgage on Lehigh Valley Foreclosures.  Home buyers have told us that they find the following other related Topics helpful; Different Types of Foreclosures and Foreclosures, How to find them.

* Lehigh Valley Foreclosures & Getting a Mortgage for Them* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License