Mortgage for under $40k, possible?

Financing, Hard Money Lenders, Private Money
1

Found some condos that are for sale in a large complex for $33-45k each. Is 100% financing possible (NOO) on something this cheap? I’m thinking if I can bargain the lower priced unit down a few thousand I will have something with decent cash flow at 100% financing. Also, the attractive part of this deal is that unlike much more expensive properties I can pay the mortgage and condo fees out of pocket if I had to during a vacancy, total they would be under $600 a month. My biggest fear with buying something is having a vacancy at the worst possible time and not being able to pony up a few thousand bucks to cover the mortgage, at least with something this cheap I don’t have that fear. Also, being a condo many of the maintenance items like snow removal are covered by the condo assoc fees. What are my options?

One of the sellers is also offering owner financing though I don’t know what the terms are, this might be an option too.

2

I just did seller financing on a $28,000 SFH @ 8% NOO. The whole process was great. Bid accepted and close in one week later through a Title Company (to make sure there’s a clean Title). Closing costs were $220. No credit reports or bank stmts, or any of the BS mortgage officers put you through. If you want to do the deal then personally I recommand seller financing.

3

Depends on Fico?