Who will do a mortgage under $50k that will allow me to use the home path renovation program? I found a house that is $39K and it does need work.

Asked by Maaren27, New Port Richey, FL Wed Sep 19, 2012

Also, i spoke to one person who deals with homepath and she stated that most homepath lenders won't do a mortgage for under $50k. I was told from bank of america that they can but, don't want too! I am very interested in purchasing this home but i need the renovation project and a lender that will do a mortgage for $39,900.00...... Please HELP!!!!!

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Maria Cipollone’s answer
Maria Cipoll…, Agent, Coral Springs, FL
Fri Oct 5, 2012
If you are buying a single family home you may be able to find a mortgage broker that can help you with the homepath renovation program.


Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes
Sandra Dorni…, Home Buyer, New Port Richey, FL
Thu Sep 27, 2012
Grow Financial Credit Union did my mortgage under $50K
0 votes
Steven, Home Owner, Tampa, FL
Sun Sep 23, 2012
It’s been my experience that some (more than a few) Credit Unions will do loans under 50K, but most seem to draw the line at 20K. (My brother & I have both done ‘em.) Come to think of it, they usually only do 15-year loans too. (Not 30-years)

The only downside is that they all pretty much want anywhere from a 20% to 30% down payment. Ie: $39K =’s $7,800 down payment. While $7,800 is still a pretty good chunk of change, I’d rather do a private loan for $7,800 than $39K. And if you already have some money to put down, all the better!

Not too sure about home path though? It might be worth a call to your local Credit Union? You never know, they might lend you a few grand more than the asking price of the house?

If you are looking for a place to start, I’ve used GTE Federal Credit Union in the past on a small mortgage. They’re in your area.

Good luck!
0 votes
Linda Grey, Agent, Port Orange, FL
Thu Sep 20, 2012
Most lenders will not do mortgages under $50,000. You would have to go private money which I do not tell anyone to consider the rates are high the term is short and in the end most loose their homes anyway because they can not pay it off in 2 to 5 years.
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