How and what is necessary to obtain an FHA loan first home shopping time of the SSI?

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I’m looking to buy a house next to me is $ 14,900. What are the requirements and how do I get an FHA mortgage as a first time home buyer is Social Security?

  1. Reply
    April 29, 2011 at 11:26 pm

    You get a mortgage by contacting a lender and getting approved. They’ll tell you what documents they need (they’ll run a credit check, look at your income, look at your debt, etc.).

    The big problem that you are going to have is finding anyone who will give a mortgage for under 15k. In my city, that’s unheard of. There are only two lenders in my area who will loan less than 50k and only one that will loan 15k on a 10 year fixed mortgage (and it’s not FHA).

    Typically these houses (priced this low) are for cash-buyers only because it’s impossible to obtain a mortgage for this little amount of money. I would start by contacting lenders in your area, or going to their websites to find out what their minimum mortgage amount is… then you’ll know if you should make an appointment. Good luck to you.

  2. Reply
    April 30, 2011 at 12:14 am

    There are NO mortgages for anything less then 50k You need to pay cash.

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