[travelam2003]

Hi, I'm attempting to buy a house and I have one all picked out but my problem is this, it qualifies for an FHA loan, I looked into it and I meet all the criteria for the loan plus I'm a first time home buyer. Now I'm trying to get pre-qualified for the loan but they're saying that I don't want to borrow enough money. The house I want is $39,000 (freaky good deal in a good neighborhood with a seller that just wants rid of it) Also it is NOT a mobile home it's a real life stick built house with a yard and garage and everything it's just not expensive enough for anyone to loan me any money to buy it, they say I need to borrow at least $75,000 (some say $110,000). That just seems plain wrong to me. Anybody out there happen to be a mortgage broker that can explain this to me?It was quicken loans, and lending tree that told me that so I'll probably just check my bank tomorrow and see what they say. It's a not for profit credit union so they might have some good news for me. Seller claims to have had an inspection within the last year and said the roof needs some attention and no egress windows in the basement so it's listed as a one bedroom. I have to admit it's small but it is just me and the dog and the payment calculator told me the payment would be roughly half of what I currently pay for rent with only about $2,000 down and including closing costs in the offer so the seller would pay those.

[Patrick Lea, A Cincy Realtor(R)]

I was a mortgage broker for years. A loan of 39K would be something for which a loan officer would make basically no money. As such, the loan officer might not be able to get the rate you'd like and still make any coin, but you don't have to have a specific loan amount.Also, I am not a Realtor(R), certified home inspector, and certified infrared inspector. I would be very wary of a house that's 39K. Spend the 400 bucks to have a very thorough inspection. The home appraisal is NOT an inspection. Check for lead paint, and if you can, have thermographic (infrared) inspection. It will help show deficient insulation and water intrusion.I feel VERY strongly about this, and I have no skin in the game, so there's nothing for me in saying it. BE VERY VERY VERY careful with a good that is tooooooo good to be true. It usually is.Good luck.-PTL********************************************Jus t an extra note... one would expect a reputable lender to have an actual commerical email address, not something@yahoo.com. I'd be exceptionally wary of using anyone who's been presented in yahoo answers with a non commercial email address. Having said that, I have been contacted off of Yahoo answers through my yahoo alias, but I do have an actual company email, which I use for actual business.Please be careful, and good luck.

[RR]

Something indeed sounds fishy .This is done to ensure your in piles of debt see a house that is not worth much needs repairs etcI tried to do the same thing but people on SSI are not eligible for housing loans for not even $5,000 in America it seems .Your best bet is to try to get a loan somewhere else ,maybe go to a local bank where the hose is located or to see what bank owns the house . I personally have thought about relocating to Detriot if you go to Zillow .com there are houses for like $5,000 nothing glamorous but hey its a place a human being can call home .Even yahoo real estate has some very low prices and the houses do not look so bad

[Triangular Man]

I just bought a house with an FHA mortgage for $68,000 so someone is lying to you.