buying a home from bank in virginia?

Question by Ashu K: buying a home from bank in virginia?

i live in virginia,and i have a neighbour home that is for sale by the bank. how safe is it to buy a home from the home is it posible to negotiate and get a good deal? this is first time am getting into this home buying thing, so am naive on this.

also, if a house cost, 150000, and i have a credit score of fair rating, how much down payment should i have to make to the bank

some people say its 3% other say nothing at all.

please suggest

Best answer:

Answer by Landlord
Actually you need about 20%, it is getting tough to get loans for more then 80% of the appraised value these days.

Of course it may appraise higher then the 150, in which case you would be OK.

You need to contact an agent, we can’t determine anything from what you are saying.

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