Find foreclosed homes up to 60% below market value Although a foreclosed home typically runs for a lower price, they’re still far from free. Most will still go for hundreds of thousands of dollars. As a result, many people need to get a loan from a bank or mortgage lender to finance a foreclosure sale. You might want to buy a foreclosed home if you find one that’s less expensive than comparable ones on the market. Another potential benefit is that it might be quicker for you to move in since foreclosed homes are vacant. These are for first-time homebuyers who want to purchase a foreclosed property owned by Fannie Mae. To Going Here qualify, buyers need to take a homebuying education course and move in within 60 days of purchasing the property. In exchange, you can buy a foreclosed property with as little as 3% down and you can get up to 3% in closing costs assistance.