Pay cash and get mortgage?
I'm a first-time would-be home buyer and I have a question about financing. In my part of FL the market is very, very bad right now and I'm seriously interested in buying.
However, it's clear that I would have to pay cash to get any kind of a deal. There are a lot of foreclosures but the banks will take a cash offer that is much, much lower than one that requires financing.
I have the cash to do this, but given that most foreclosures would also need a fair amount of reno work, I would be eating into my savings to an uncomfortable degree to do it all.
Is it possible these days to get a mortgage after purchase, or to apply for a mortgage before purchase if you're going to pay cash? Also, we're talking a very small amount here, possibly $30 to 40K at most. (I'm not looking to finance 80% or anything like that.) I seem to remember that in the pre-frenzy days the smaller the mortgage the harder it was around here to get one.
Would something like this be possible? As I say, I would be prepared to tough it out and pay cash for everything if need be, and given my druthers I'd rather hold off on renovations till I could easily do that, but the condition of most of the properties I've seen wouldn't give me that luxury.
And yes, I realize that prior to signing on the dotted line one can't be certain of actually getting funds despite a prequal.