Exceptions are made to the $50,000.00 minimum mortgage whenever the property is a bank owned foreclosure. You should contact the listing broker and request them to make contact with the Asset Manager in charge of the property and ask them for details.
While the mortgage loan originators are often not aware of the exception, it does exist and applies to VA, FHA and Fannie Mae loans as well as other Bank Owned Properties (referred to as REO).
A second option would be a Renovation Financing option. With a sale price of only $27,900., it is likely that improvements to the property could be warranted. If that is the case, a 203-K or similar Renovation Financing option could bring the total amount of financing to the minimum $50,000.00 required. Such options are rarely offered but can prove the be an excellent opportunity in many situations.
Most importantly, seek representation from an experience real estate professional who can offer you exclusive representation as a Buyer's Agent. The value provided by a great agent is "priceless", especially when they are able to identify the options and opportunities available to you and others in today's market.
Best of Luck to you. I hope you find this information beneficial.
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