when buying a foreclosure, do you still have to have ... - Zillow Real ...

If you buy a foreclosure, then it will be at the public auction which does not allow loans and requires cash.

More than likely you are talking about a property that went through foreclosure in the past and it no longer correctly called a foreclosure since it is no longer in foreclosure. Someone bought it at the auction and likely the bank that had the loan on it. Now it is bank owned or a REO property. You can buy them once they are listed with a Realtor for sale just like any other home for sale. It depends on what type of loan you get that determines the min down payment.

Go see a loan officer or mortgage broker to actually find out what you can borrow, they will explain this to you.

tim

Source: http://www.zillow.com/advice-thread/when-buying-a-foreclosure-do-you-still-have-to-have-a-substantial-downpayment/501669/

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