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mortgage info

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prosario69
Established Member

mortgage info

I am currently maneuvering myself into place to buy my first home. My question is: What is the minimum price of a home that can be financed? The homes I have been looking at have been under 100,000 and a friend of mine told me that banks and mortgage brokers won't finance a home under that. Is this true?

Starting Score: 633
Current Score: 606
Goal Score: 700


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Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: mortgage info

Each company will be different. For example, my company will go as low as $50,000 for a conventional loan... but even with that exceptions can be made.

Message 2 of 6
DallasLoanGuy
Super Contributor

Re: mortgage info

50k is about the minimum. some have even higher minimums

 

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Message 3 of 6
Aduke1122
Senior Contributor

Re: mortgage info

Hi there DallasLoanGuy, I don't know if your still around but I'll ask anyway, I'm working on repairing credit for my fiancé and myself now , I have made some progress but have a way to go esp with fiance being his Mom opened LOTS OF ACCOUNTS in his name so he has tons collections on his report now. Anyways we are really wanting to get to a place to be able to buy our first home, any info you could give me about how the process works and all would be appreciated , I've done some research but I'm just clueless when it comes to buying a home bc I've never done it bf and my Mom always rented growing up. Thanks
Message 4 of 6
Anonymous
Not applicable

Re: mortgage info

Well I can tell you for a fact that Quicken Loans will go as low as $44,770 as that is the total price of the townhouse I am buying with my down payment included. My suggestion to you would be to just call 5 or 6 trustworthy mortgage companies and ask them this and any other questions you may have. Hope you get a house in the near future and that I close on mine on time Smiley Happy

Message 5 of 6
Anonymous
Not applicable

Re: mortgage info

My loan was also FHA.

Message 6 of 6
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