Financing in Atlanta>Question Details

ME, Both Buyer and Seller in Atlanta, GA

any finance for property under $ ATL ..please help!,,what are possible option for 3% down???HElp

Asked by ME, Atlanta, GA Fri Jan 13, 2012

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There is no such thing as 3% down, when you purchase a HUD home its a $100 down. Wells Fargo will allow to purchase for under 50K...Gordon Bussey 404-7025681 Wells Fargo. Spoke with him this evening.
1 vote Thank Flag Link Fri Jan 13, 2012
Yes Wells fargo finance for 20k, just spoke with Gordon Bussey and as long as you owner occupy the home you can put down 3.5% not 3%
1 vote Thank Flag Link Fri Jan 13, 2012
All great answers. In case you can't find anything good out there for $50,000, just know that for every $10,000 increase in loan amount, your payment goes up around $50 a month (property taxes may be separate). Some banks may not be able to go under $60,000 because of compliance issues so you may be cutting yourself out of special programs available to you. If the amount of money due at closing is an issue, than talk to a lender about that first. Then, once you know which program you can qualify for, based on funds to close, you can talk about loan amount minimums. Too many people focus on payment and then realize they can't afford the down payment or the costs to close.

If you prefer to go with a 3% down loan, look for homes at This is a Fannie Mae website that offers 3% down with no mortgage insurance. The appraisal is already done, so you save money from you pocket on that account. It's a little harder to qualify for versus FHA but it's available to those who qualify.

You may also look outside of Atlanta in the USDA location to see if you qualify for 100% financing.

You may also qualify for GA Dream which will give you up to $5000 for down payment assistance.
0 votes Thank Flag Link Mon Jan 16, 2012
At Prospect Mortgage, we offer financing for loan amounts under $50K. Prospect is one of the nation's largest lenders and we rank 7th nationwide in FHA closed loans.

For an FHA mortgage, the minimum down payment is 3.5%, not 3%. The only time that less than 3.5% is allowed is if you are purchasing a HUD REO. On HUD REO's, HUD allows a down payment of only $100. FHA loans allow the seller to contribute up to 6% of the sales price toward your closing costs/pre-paids. On HUD REO's though, HUD will only pay 3%.

You location says Baton Rouge. Are you planning on relcating to Atlanta? If you are relocating and starting a new job, FHA does have additional requirements that must be met.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:
0 votes Thank Flag Link Sat Jan 14, 2012
Brand Mortgage offers financing under $50K as long as it's for a primary property, and as long as you comply with the loan program requirements; being down payment, credit score, income, etc. Those requierements will vary depending on your type of loan. Loans for investment or second homes will generally have higher loan amount and guideline requirements than those for owner occupied properties.

Brandmortgage offers loan programs from 0 down on up. Be sure you negotiate with the seller to pay the closing costs so you'll have minimum out of pocket expense. Call me to see which program best fits your needs.

Warm regards,
Kim Jones
Senior Mortgage Banker
678.468.4046 Cell
770.822.2083 Office
678.518.6917 eFax
Click here to visit my web site and apply on line:
3328 Peachtree Rd. Suite 200 Atlanta, GA. 30326
NMLS# 75615 | 545217
Web Reference:
0 votes Thank Flag Link Sat Jan 14, 2012
I don't know your specific stiuation, but Starkey Mortgage has many financing options. I highly reccomend them, especially Lisa Brereton. Most Government backed loans require 0-3.5% down. Coventional loans may require more depending on the specifics of your credit worthiness, property, and intended use of the property. Hopefully this helps, if you need me let me know.
0 votes Thank Flag Link Sat Jan 14, 2012
I have the ability to finance homes under $50K as I work for the largest Retail Mortgage lender in the U.S. You can purchase a Fannie Mae foreclosure and use their HomePath program, which has a down payment of 3%. Or you can purchase a HUD Home and finance it with an FHA loan and the down payment requirement is only $100. A third option is to use the FHA loan to finance any home and the down payment is 3.5%.

You'll find that many of the homes under $50K will need repairs. If that is the case, the FHA 203K program allows you to add the rehab costs to your mortgage. I specialize in rehab mortgages.

Another note: If you are looking to finance a home with a price under $50K, you'll need the seller to pay most, if not all, of your closing costs. This is to avoid the High Cost Loan limits.

You can reach me at
0 votes Thank Flag Link Sat Jan 14, 2012
Fidelity Bank makes low loans and offers many different programs.
0 votes Thank Flag Link Fri Jan 13, 2012
go online to Delta Community Credit Union ask for Mattie. Visit
0 votes Thank Flag Link Fri Jan 13, 2012
I have just what you need! Feel free to reply to my email, call, or check out my website.
0 votes Thank Flag Link Fri Jan 13, 2012
Hi Nozm, thank you for your inquiry. I would be pleased to assist you, please email and/or call the contact info below. I'll need to ask you some questions 1st.

I look forward to your reply and to assisting you.


Elizabeth 'Beppy' Walton
C/404 234 9418
0 votes Thank Flag Link Fri Jan 13, 2012
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