Difficult to obtain a Mortgage for under $50K?

[Anonymous]

I have been perusing Google and think it may be difficult for me to obtain a mortgage on a home I want to buy due to the cost being under $50K?

Does anyone have experience in obtaining a smaller loan amount? I'm applying for FHA and the house does need updating so my thought is that I will request a 203K Streamlined loan if no one wants to fund an amount less than $50K versus financing the remodel via other means.

As always, thanks for your help!

March 2015: EQ: 571 TU: 574 EX 602
November 2015: EQ: 653 TU: 700 EX 682
November 2015 Mortgage Scores: EQ: 640 TU: 680 EX: 672
Goal: Mortgage April 2016

[StartingOver10]

Normally I tell everyone to go to a correspondent lender or mortgage banker, but that advice is different if you are getting a small loan. Look to your local bank or credit union for loans $50k and under.

However, if you are going to get a 203k type loan, make sure the lender is accustomed to doing those types of loans. They are a special type of loan product. Don't borrow more than what you need and be aware that not all improvements will contribute to your new home's value. Especially if it is limited cosmetic type improvements. You will need to check your comparables very carefully so you don't end up putting in too much money for the neighborhood. 

[Anonymous]

Before I found my lil country estate (read cheap house on a USDA loan) and I was afraid I wasn't going to find anything in my budget, I took a look at some cheap condos in the suburban area where I used to live. Citi suprisingly enough was willing to do a 45k loanon a 55k property. And at a rate that beat my CU at the time. Beyond that I found almost noone willing to go that low. Depending on where you are you might find a few more options, but suburban Chicago not much need for 50k mortgages