[MJMGrand]

foreclosure property? (Please Read)? I want to buy a home but with my salary I think I will only qualify for about 50,000, give or take. I have about 25k saved right now for a deposit, giving me a budget of 75k max. A friend of mine suggested that I look into investing the 25k in a tax foreclosure property. My concern is that if I do that and the house needs a ton of repairs, I cant afford it. So, I was wondering if, once I purchase a home from a tax foreclosure sale, could I then use the home as collateral for a loan to fix it up. Like maybe instead of a 50k home loan, I'll borrow 35k at the most, hopefully. Is that a possible way of purchasing a home with a mortgage?The ideal would be that the home is already move in ready and needs no repairs but I am being realistic. Nobody is going to let a good home go for pennies if there isnt something wrong with it.Thanks but thats not what I asked.