Dougied, Home Buyer in Mableton, GA

i am a first time homebuyer, looking for a 45,000 mortgage for a foreclosure, and have a 720 credit score. Do any lenders offer mortgages below 50K?

Asked by Dougied, Mableton, GA Sat Feb 6, 2010

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10
Jackye Mumph…, Agent, Mableton, GA
Mon Dec 12, 2011
Watch the fees they will charge you on that type of loan. The banks don't make as much profit on smaller loans.
Web Reference:  http://www.Gotmableton.com
0 votes
Lynel Adams, , Gainesville, GA
Fri Feb 19, 2010
We allow a mortgage below 50K. In fact working a foreclosure/HUD at 41K sales price right now. I am a mortgage lender. Great Credit score, good for you. Let me know if I can help~Lynel Adams 770-318-6740
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William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Wed Feb 10, 2010
BB&T (Allenton 404-897-7073) has no minimum limit. Also, GA Federal Credit Union goes down to 30K (Julie Christie at 770-493-4328).
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Tue Feb 9, 2010
Wells Fargo is a good choice for you, and you should try calling their 800 number, which might be a better choice than a local office. The biggest problem is that Wells loan officers get paid a certain amount per dollar volume of the loan, so it is not likely that they would want to spend the time with you for the $180 or so that they will make off the loan. They have an adjuster on their rate sheet for loans under $50,000, so I know that they would do it. How much are you planning to put down as a down payment? What is your purchase price.
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John Morris, , Smyrna, GA
Tue Feb 9, 2010
Wells fanrgo does a great 203K loan for under $50K. I have a cleint that just got approved for this so I know . Cnotact me and I will give you the name of the lender.
Which home are you looking at, There are some good buys right now though you need to be patient in the process as the banks take some time., Remember if you are afirst time home buyer and looking for the tax credit you only have 79 days left to get a contract in. View my website to find your home
http://www.johnmorrisrealtor.com
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James Dudley, Agent, Suwanee, GA
Mon Feb 8, 2010
Dougied,

Loans under $50K can be tough to obtain. As others have mentioned they are less profitable for the lenders and closing costs can be a challenge.

The 203K loan suggestion is a great option if you plan to fix up the home.

If you do get a lender to fund a loan in this price range expect to pay higher fees and intrest. If you own other property an equity line is a great way to get the funds to purchase. You can also try an unsecured loan, but then your rates will really jump up!

Good luck.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Feb 6, 2010
Bravo for a great credit score, in most instances a local bank maybe your better option for a $45K loan.

Lynn911
Web Reference:  http://www.lynn911.com
0 votes
Mark Lackey, Agent, Norcross, GA
Sat Feb 6, 2010
I never saw a traditional lender lend for less than $50,000 unless they charges as if it was a $50,000 loan. Tell them you are willing to pay a higher fee and rate.

Alternatively if the home needs work go ahead and get a 203k rehab loan for the work required and et it above the threshold.

Times are tough on the sellers side. Homes are selling at 50 cents on the dollar and up.

Be cautious in your decision making and be sure to include all the real costs to get the home in tip top shape. A deal is only as good as the final cost you put into the home.

A good agent will have the resources to help you evaluate the total cost and how to best finance the work. Let me know if you need any assistance.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
404-886-8789
0 votes
Adrian Hunti…, Agent, SAN FRANCISCO, CA
Sat Feb 6, 2010
The problem is that closing costs can't exceed 6% of the loan amount. In order to loan on such a small amount, the Lender's and Title Companies must cut their fees. Loans under $80,000 are not profitable. I would suggest that you join a local Credit Union. You could also borrow "Hard Money"

Thanks,

Adrian
0 votes
Michael Hamm…, Agent, Suwanee, GA
Sat Feb 6, 2010
The FHA guidelines got stricter last year and mortgage qualification standards seem to changing at least weekly, Dougied. Please consider calling one or both of our preferred lenders below and starting a dialogue as to what you may need to do to get your deal done. Good Luck!


Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=hammondjohnm


Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462
E-mail: Jay.Posey@mortgagefamily.com

Chuck Ewing
Senior Mortgage Planner
Community Mortgage Services
Phone: 770-241-1700
Fax: 678-623-0960
chuckewing@mindspring.com
http://www.chuckewing.com
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