 TITLE: How to Buy A Foreclosed Home CONTENT: Do I Need Good Credit to Buy a Foreclosed Home?\n-----------------------------------------------\nIf you plan to finance your foreclosure purchase, you'll need to qualify for a mortgage just as though you were buying from a homeowner. As with any home loan, the lender will likely want to see evidence that you can afford the monthly mortgage payments, and they'll probably run a credit check as well.\nYour credit scores will likely play a role in a lender's decision to issue you a loan and may also factor into the interest rate and fees they'll charge you. Whether you're financing a foreclosure or a more traditional home purchase, higher credit scores generally lead to better borrowing terms.\nBefore applying for foreclosure financing, it's always a good idea to review your credit report and check your credit scores to know where you stand. If you can wait and your credit score has room for improvement, focus on raising your credit score for a year or so before applying for a loan.\nForeclosed homes can be a great launching pad for real estate investment, or even a path to a more affordable home for you and your family. If you understand what you're getting into and how to size up foreclosure properties, you could get a terrific bargain. END