Home Buying in Oldsmar>Question Details

Jennifer Bush, Real Estate Pro in Misty Springs, Clear...

can i get a mtg on a foreclosure or short sell in the 50k range or do i have to have cash?

Asked by Jennifer Bush, Misty Springs, Clearwater, FL Sun Mar 13, 2011

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6
Anna Brocco’s answer
If you are an agent as stated under your name, consider asking your broker owner the question, and or if you need a loan consult with any loan officer from any local bank, credit union ...
1 vote Thank Flag Link Sun Mar 13, 2011
Most lenders require a minimum amount of the loan to be $50K and since today most times buyer are having to put down 15%-20% then you are talking about a home purchase price of $68K.

here is a blog i wrote about getting 50% ROI year over year.
http://2000shortsales.blogspot.com/2011/03/how-to-get-50-ret…

Best of luck.
0 votes Thank Flag Link Tue Mar 15, 2011
My "preferred lender" who does FHA financing tells me that it's very difficult to get a loan for less than 50K. I have certainly closed many properties in that range, however! It's easier with cash, but doable with financing, and 50K is the mark to shoot for--that's a 50K loan, not purchase price.
0 votes Thank Flag Link Tue Mar 15, 2011
Jennifer,

Most condos cannot get financing.

Most lenders and mortgage brokers can't make enough money on a $50k mortgage for it to be worth their time so you may want to go through a credit union or a small local bank.

Good luck!
Alma
0 votes Thank Flag Link Sun Mar 13, 2011
I JUST SPOKE TO A MORTGAGE BROKER WHO SPECIALIZES IN FHA & FIRST TIME HOME BUYERS SHE SAID YES YOU CAN BUY A FORCLOSURE & A SHORT SALE IN THE 50 K RANGE.

CALL ME TOMORROW CELL # 727-410-6229 I'LL GIVE YOU HER CONTACT INFO & WE CAN HELP YOU BECOME APPROVED. THEN HOME SEARCH
0 votes Thank Flag Link Sun Mar 13, 2011
Good evening Jennifer, depending on your credit and use of the home it should not be an issue. If you are trying to buy to flip, it could be an issue. As noted, best to contact a local loan officer but if its primary and you have good credit , I dont see an issue for a fha or conventional loan. Good luck Steve Busse CRS, GRI
0 votes Thank Flag Link Sun Mar 13, 2011
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