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Boise Investor Group Message Board › Oregon property problem with finance issues.

Oregon property problem with finance issues.

A former member
Post #: 1
I have a friend with a decent down,a foreclosure in the not distant past, lives in Idaho and wants to buy in Oregon.
She needs some help and I am asking for some direction for her or a contact point that could help work around her issues or advise her about what steps to take to clear up her problems.
If anyone is willing to help or knows someone who can, please let me know and I will put you in contact with her directly.
Motivated buyer, with hurdles . Needs a path to follow in her adventure !
Aaron.
josh s.
user 184534406
Meridian, ID
Post #: 2
Hi Aaron,
Is your friend trying to obtain an FHA loan or a conventional loan? How long ago did she foreclose on her property? Sometimes the foreclosure isn't picked up by the credit report but final underwriting usually will find this and kill the deal.

Josh Shearer
Marc
user 196493077
Meridian, ID
Post #: 2
I believe a conventional loan you won't get anywhere until 7 years after the foreclosure. FHA i about 3 years. You can get creative and maybe find a place that will do a rent to own until she reaches that 3 year mark while it's growing in equity (split by current owner and her) and while saving more and more for down payment on the loan when she can formally purchase the place. Some area's in Oregon have embraced this strategy because it isn't as hot of a market as it is in the Boise area.
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