Financing in 77063>Question Details

Jeanne Weaver, Real Estate Pro in Houston, TX

Are there any mortgage lenders that will finance a condo (conventional) for under 50K?

Asked by Jeanne Weaver, Houston, TX Thu Aug 2, 2012

I have a listing of a nice condo, but the biggest block to getting it sold are no lenders will finance that small.

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I work for BBVA Compass and will, but under a special program, mainly if the borrower makes less than $52,800 a year. We require a 3% down payment (all funds can be gifted), there is NO PMI, minimum credit score is 620, and Seller can pay 3% of sales price towards closing costs/pre-paids. The condo does NOT have to be warrantable, FNMA or FHA approved. Contact me for more details.

Bill Merritt
BBVA Compass
972-705-2806
0 votes Thank Flag Link Thu Aug 2, 2012
Unfortunately, that might be very difficult to find, and it will certainly require that the buyer meet certain low income stipulations.
0 votes Thank Flag Link Wed Oct 30, 2013
Most lenders do not finance properties under 50K. You might want to check with a Finance Company to discuss your options.
0 votes Thank Flag Link Thu Aug 2, 2012
Under 50K may be hard money only. However I have a friend that may be interested as a cash buy for himself if the location is right. Can you send me the listing details.
Thank you,
Marla
marla@spectrumftbend.com
0 votes Thank Flag Link Thu Aug 2, 2012
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