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will fha approve a loan for a 29000 home

by dthomas452 from Toledo, Ohio. Jan 13th 2015 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

Technically yes... The small house price is fine. But recent lender laws and guidelines make it really tough for most lenders to do loans under around $50,000 - so you may receive a bunch of no answer's before you receive a yes.

Jan 13th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Yes, but you'll have a hard time finding a lender to do a $29K loan.. current laws limit how much a lender can charge to originate a loan.. for most, a $29K loan wouldn't pay enough to cover the actual expenses associated with loan origination.. You might try a local credit union or a local bank..Also, FHA has minimum property standards as well as specific requirements regarding condo's.. if the property your looking to finance is in bad shape or is a condo, it could make things even more difficult.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 13th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

There is no lower limit, but lenders can not make a profit on loans under $50,000, in most cases.

Jan 13th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Yes, but you will find better options going with a local bank or credit union who offer portfolio loans.

Jan 17th 2015
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