Many banks including mine do not have minimum loan amount requirements, however as Rodney mentioned Federal & State fee guidelines for predatory lending makes lower loan amounts difficult to close. Ironically the Georgia Fair Lending Act or GAFLA which defined high cost loans as predatory lending and eliminated it from this market also made lending on small amounts, less than $40k usually, illegal. Due to GAFLA a lender can't even charge the State of Georgia's required title & recording fees and pass the high cost test. Yes, the GA legislature passed a law that in some cases makes it illegal to charge the State of Georgia's mandated fees. Gotta love Congress.
As long as you loan amount is more than $40k you should be fine, depending on the details of your specific transaction you could possibley finance an even lower amount. I'd be happy to offer you my assistance.
NMLS # 76515/465546
Property values change with crash of the real estate market. Changing price values, homes values dropped over fifty percent. The forclosure hit hard; driving revenue down for the city. Over stock of vacant homes due to forclosures changed value.... more
Rodney has given you the perfect answer to you question. There are many pitfalls in Owner Financing and a Lease Purchase I Georgian does not use the Land Contract form of Financing). My only addition to his excellent answer, depending on your Credit Score and Income situation would be to contact a Private Lender to finance your purchase.
May I suggest that you contact a Lender that I have worked with in the past with great results. They are a licensed lender in the State of Georgia and have placed many Home Mortgages here. They will lend up to 12 years on a Residential Mortgage, giving you plenty of time to get your affairs in order and not have to deal with a Rent to Own. They will not include a pre-payment penalty clause in their agreement, allowing you to refinance at a more favorable rate as soon as you can quality. You can give them a call and clarify some of the issues and see if they can help you. Their contact information is:
The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291
The Westmoore Group, LLC is a licensed lender in the State of Georgia and operates under the license #30544.... more
8088 Tupelo Trl is in the area of Jonesboro High School. The area is beautiful ,not for from Jonesboro High and shopping on Mt Zoin and South Lake Mall are just two miles. I hope; this answered your question.... more
With a 645 Credit Score, why would you just not go ahead and try to obtain a mortgage to purchase the home directly? This would have much more favorable terms and stability for you than Owner Financing could ever offer.
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.... more
I am a local agent with experience selling property in the riverdale area
It would be my pleasure to assist you.
Bob Wood Realty of Atlanta
770 906 1222
email: firstname.lastname@example.org... more
Unless you are able to qualify for both mortgage payments, you are not going to have very many options. If you cannot do that, then you renting a home for yourself while renting out your current home would be the only other real option. Unless you REALLY want to move, that would probably not make too much sense.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more