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Property Q&A in Efland : Real Estate Advice

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Mon Aug 29, 2011
My NC Homes Team answered:
Lillian,

I certainly help my buyer clients to get preapproved for a mortgage as part of my services. The House your interested in however is likely going to require a cash buyer for a couple of reasons. The first is the price, most lenders won't consider lending for less than $50,000 and this home is only asking $29,000.

Secondly and even more importantly is that this property may not be in good enough phyiscal condition as it is for an FHA loan which is most likely the loan type that a lender would discuss with you.

It's possible if you have a connection to SECU or another local credit union that they may do a loan with you as they don't operate the same way the traditional banks do.

Getting preapproved for a mortgage is the single most important thing a Buyer can do. Under the new Offer to Purchase and contract there is no separate mortgage contingency as there were in our contracts up through 2010. Because of this, it's critical that a buyer have this done first.

If you would like a few names and numbers of honest, professional local lenders that i know and trust, please contact me directly through my profile here on Trulia. I'd be happy to answer any home buying questions you have and to help you get started the right way.
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