Can I get a smaller home loan?

I am a first time home buyer. I have been looking at condos for 25k and under. I was wondering if i could get a "home" loan for such a small amount of money. I have "good" credit, but I am unsure if banks will lend out such small amounts for this type of loan. Also, what is a short sale home? Do I have to have cash for a short sale? thanks!

Banks generally don’t make loans to buy a home: mortgage companies do. And yeah, they would make the loan if you qualified.

A short sale works like this: the existing owner owes more money than the house is worth. If the mortgage company will allow the sale without the seller paying off the mortgage in full, this is a short sale

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One Response to “Can I get a smaller home loan?”

kckid2 on November 28th, 2010 at 5:24 am

Banks generally don’t make loans to buy a home: mortgage companies do. And yeah, they would make the loan if you qualified.

A short sale works like this: the existing owner owes more money than the house is worth. If the mortgage company will allow the sale without the seller paying off the mortgage in full, this is a short sale
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