BUYER METRO BROKERS
FHA permits you to ask for up to 6% of the purchase price from the seller to cover closing costs and prepaid items (but not down payment). In addition to that, you are permitted to use a gift from family to assist you with any of these items.
The bigger issues would probably be with the property and the loan amount.
In order to qualify for FHA financing, the home must meet minimum FHA standards. No health or safety hazards and the home needs to be complete. In other words, a home requiring a lot of repairs (a "fixer upper") will probably not qualify for an FHA loan.
In addition, most lenders will not loan that small of an amount. It's just not profitable because of the costs of actually making the loan. I'm not saying no one will loan you the money. You can probably apply through a local bank or credit union. It's just that you probably wont have a whole lot of say as far as selecting the lender with the best deal.
Good luck and I hope this helps!
At Prospect Mortgage, we do not have a minimum loan amount, except for renovation mortgages. All Renovation Mortgages do require a $50,000 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 $30,000's will not pass those required tests.
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 to get started.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Why? Because you will be paying CASH for this home.
It will be extremely hard to find a lender who will consider a loan of $35,000.
It willl be difficult to find an FHA approved property at the $35,000 price point.
The lowest FHA downpayment availble to most home buyers is 3 1/2%
Now would be a good time to chat with a Vermillion, OH REALTOR to discuss the buying process and what is possible IN YOUR LOCATION..
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
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