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FHA Loan question

I'm looking to get a FHA loan for a house here in North Dakota. My Fico credit score is 600, and I meet all the requirements for a FHA loan. I make $40k+ a year, and am looking to buy a house I saw on a realtors website for $32k. The house is in great condition, just a nice house in a small country town. My question is, will anyone finance my FHA loan for a house costing only $32k? by stalley316499 from Bemidji, Minnesota. Jan 27th 2017 Reply


Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 214 contributions

Probably not.!The usual loan amount for Investors/Lenders to finance is $50,000.00I would just call around to a couple of mortgage brokerage companies in your area & ask, but usually the magic number is $50,000.

Jan 27th 2017
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Jackie Peck (JackiePeck)
#82 ranked lender in Georgia - 21 contributions

It may be difficult to find a lender that will do this but there should be one out there. I would say your best bet is to contact local banks or credit unions to see if they will do this. You most likely could find a bank that would do this but they may require a higher credit score of at least 620 or higher.I cannot lend in your state so I cannot assist you.Jackie Peck #511778

Jan 27th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

Yes.. but you will need to look pretty hard. Current laws limit how much can be charged for doing a loan.. and for a $32K loan, there's just not enough profit in it to make it worth while for most lenders.. That all being said, lenders are also faced with laws regarding "Redlining".. this is where a lender avoids certain neighborhoods/area's because the deficiency rate for them is too high.. this is illegal.. so it's in the lenders best interest to lend in these area's.. even if it's not profitable.. Typically, a major bank or local credit union is best.. but you should find someone willing to lend you $32K.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 27th 2017
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