Is it possible to get a mortgage in NJ with a purchase price of $56,000?

Asked by Donna Clayton, Westfield, NJ Sat Apr 14, 2012

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Mary Petti’s answer
Mary Petti, Agent, Edison, NJ
Mon Apr 16, 2012
Donna,

Did you mean total purchase price of $56,000 and you will be putting some money down and mortgaging the rest?

My guess is if you are qualified for a loan, (based on income, debt, prior credit history, savings and downpayment amount) no matter what price you are purchasing at, there should be some mortgage program that fit's your financial needs.

Have you contacted ANY mortgage brokers or banks to see if you qualify for a loan at all?
I suggest you do that immediately. FHA loans have low down payment requirements (3.5% minimum) but there may be other programs that meet your needs.
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Fred Glick, Agent, Mountain View, CA
Sat Apr 14, 2012
You should not have a problem. Most mortgage brokers and bankers will not do it because of federal laws that limit compensation.

So, the best place is a local bank. The smaller the better but the big guys should do it too.

Good luck!

Fred
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