Home Buying in Jacksonville>Question Details

Cathy Norred…, Home Buyer in Apalachicola, FL

Can you get a mortgage for a foreclosure for more than the asking price to fix up property under 50,000. Home will be worth more than loan after repai

Asked by Cathy Norred Simmons, Apalachicola, FL Thu Aug 22, 2013

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At Prospect Mortgage, we do not have a minimum loan amount, except for on renovation mortgages. All Renovation Mortgages do require a $50K minimum loan amount. While other loan programs do not have a set minimum loan amount, all mortgages must pass the various Federal and State fee compliance tests for predatory lending. Generally, loan amounts under the lower $30K's will not pass those required tests.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Fri Aug 23, 2013
You need to talk to your lender about an FHA 203K renovation loan. It is the perfect product for you! I have a client doing one right now, the home needs a new septic system, radon remediation, a new oil burner for the heating system, and a firewall between the garage and the addition that was put over the garage, not to mention a lot of cosmetic repairs. She is going to be able to purchase the home, finance the repairs, and end up with equity in her new home at the end of the day.
0 votes Thank Flag Link Fri Aug 23, 2013
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