how to buy a bank owned foreclosed home with conventional loan?

This is going to be very difficult. Because of low loan amount, most lenders are going to tell you "Sorry, NO!" Your best bet is to try with either a local community bank or a Credit union. IF that doesn't work, try the bank that owns the property. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

That's a tough one.. this is one of the few times I would refer you to a local bank.. Most lenders have a minimum amount they will finance... the rules in place prohibit over charging for a loan, however a lot of the costs associated with a new loan are fixed costs.. Meaning if you buy a $30K home or a $230K home the cost is the same... other costs are variable, meaning they are based on a percentage of the loan amount.. Because the laws limit what they can charge as a percentage of the loan, most lenders will not go below a certain dollar amount.. on a $30K home, there's just not enough money to be made.... lenders who will do this low of a loan amount, will probably charge you somewhere in the 5.5% to 6.5%... Good luck.. WilliamAcres.com

Local credit union is the best place to look

Should see if you can get a signature loan from your bank and just pay the home off outright. You may be able to negotiate the price even lower if you tell the bank you are paying cash. Im sure the bank would like to get the home off there books. Hope this helps,

I agree with the other statements (except for the hard money loan). Stick with a local credit union or community bank for a situation such as this.