In My Neighborhood in 32501>Question Details

chevl66, Home Buyer in Pensacola, FL

Is there really financing available for homes under 50k?

Asked by chevl66, Pensacola, FL Thu Jan 3, 2013

? I'm looking at buying one of my kids a house to live in while attending college (and then would be used for the same purpose by the next oldest as well). I have never heard of getting a mortgage for such a low amount of money. I don't live in the area and I'm also looking for a realtor to help me! I've contacted a couple of agents and no one will respond...is it because the commission is so low on this type of property? I really need someone who knows the area!

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Answers

7
Thanks for all the responses!
0 votes Thank Flag Link Sun Jan 6, 2013
Find financing for amounts under $50,000 on properties for sale on http://www.hudhomestore.com, check Escambia County.

Property marked I for insured can be purchased for $100 down. Your son/daughter's name must be on the mortgage---with you as a co-signor , and MUST live in the property for 12 months.

Property marked IE, insured with escrow can be purchased for $100 down but repairs are needed. The mortgage will be increased by the amount of escrow for repairs--never more than $5000. Read addendums to see what repairs.

Keep checking every day after 12 noon, new properties come up, some as low as $17,000 that are in move-in condition. If you don'r see one today, you will in the next 3 months!

Best way to reach me is email: marie@skopis.com
0 votes Thank Flag Link Sun Jan 6, 2013
Did a quick search and there are several houses and apartments in your price range and near campus!
0 votes Thank Flag Link Fri Jan 4, 2013
I work in Central Florida and we experience the same issue, very few lenders want to make loans for properties valued at 50K or less. Lucky me I found Trustco Bank. They will do loans as small as 15K, and because they hold the loan in house your mortgage cost are minimal also. Most there offices are in Central Florida but you can handle all by phone. Here is the info to my contact there:
Lily DeMarie
Trustco Bank
Branch Manager
Winter Haven Branch
7476 Cypress Garden Blvd
Winter Haven, Fl 33884
(863)326-1918 Fax(863)326-1282

Good luck.

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Fri Jan 4, 2013
I would be happy to help you! Yes, there are lenders that finance 50K, so lets find your kids a great place while they attend college. Please give me a call so we can talk more about what you are looking for. Thanks Sarah Pace 850-232-2524 Keller Williams Realty Gulf Coast, spacea1213p@gmail.com
0 votes Thank Flag Link Thu Jan 3, 2013
It would depend on the lender but absolutely, most lenders will finance properties for under 50k. The main factor would be IF the property qualifies for financing.. (repairs,ect..) Please call your preferred lender for specific guideline questions.. I would love to help you find something once you get pre approved.. Thanks, Damon Hitt
0 votes Thank Flag Link Thu Jan 3, 2013
Yes. I can put you in touch with a mortgage professional who may be able to help you, depending upon your needs. Feel free to contact me at 8503906664.
0 votes Thank Flag Link Thu Jan 3, 2013
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