i have been approved for an fha loan up to 70,000. my mortgage broker told me that he would only work with me if i bought a home that cost 50,000 min

Asked by Janice Whitaker, North Carolina Thu May 2, 2013

my problem is that i am not comfortable getting into a high payment. i have found a few homes just under that amount that just need some cosmetic repairs. is it possible to get the loan for just a few thousand over the asking price if it still is lower than the appraised value? and if so, how would i do that?

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4
Dorene Slavi…, Agent, Torrance, CA
Tue Feb 25, 2014
50K is the minimum I have heard of. Please check around for a few other lenders to be sure.
0 votes
Curly Sue, , Texas
Fri May 10, 2013
$50K minimum loan is very common.
You would need a FHA 203K to include repairs.
0 votes
, ,
Fri May 10, 2013
Yes most lenders have a $50K min.
0 votes
Charles Dail…, Mortgage Broker Or Lender, St Paul, MN
Thu May 2, 2013
You'd be looking for a FHA 203K Streamline loan for that. See the web reference.
0 votes
because of my credit scores, i only qualified for the fha loan with 3.5% down.
Flag Thu May 2, 2013
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