So long as the loan will pass the fee tests, it can be done.
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
I have one condo where my seller will carry the loan on a $45k price for possibly 5-10k down for 5+ years. Contact me if this interests you.
There are lenders who are willing to make loans for purchases of properties in that price range. Regretfully, they are very expensive, with higher closing costs, higher interest rates and more. You'll likely be required to have a higher than traditionally acceptable credit score too because many lenders will classify this type of mortgage as an investment type loan.
Hope that helps.
REALTORÂ® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners