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Mooresboro : Real Estate Advice

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Activity 2
Sun Aug 28, 2011
Daniel Fisher answered:
Bank owned homes can be purchased with cash or financed. The bank that owns the home may have financing available, but there is not often an advantage to using them to finance it. If it is Fannie Mae or HUD that own the home, there are some special financing programs (3% down and $100 down) that you should ask about. ... more
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Sun Aug 21, 2011
Daniel Fisher answered:
Assuming you have OK credit (over 580 FICO, 660+ preferred) a steady job, NO late payments in the last 12 months and other items mentioned in the below trulia blog, you should be able to get a loan. Many banks have a minimum loan amount ($30,000 is about the minimum). Some small local bank, credit union or sometimes BB&T might lend on this small amount - if the property is a home and not a doublewide or singlewide.

We are usually successful in negotiating for the Seller to pay Buyer closing costs, but on a loan this small, the 3% or 6% limits on Seller concessions may result in your still bringing some money for closing costs.

For an FHA loan, you could expect something like the below:
$33,000 purchase price
3.5% equity
$1,155 total downpayment
$31,845 FHA Loan amount
$70,000 tax value
4.75% Interest rate
$30 yr mortgage term

$- HOA fee
$166 Principal & Interest
$76 Taxes
$47 Insurance
$13 Mortgage Ins. (PMI)
$302 Total monthly investment

There are a lot of assumptions above; you would want to provide an specific address, have a lender pull your credit and ask for a Good Faith Estimate (GFE on a standard HUD form) to get exact numbers from a lender based on your specific situation, credit score, etc, but this will give you a rough idea of what to expect.
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