I need mortgage help

[Zackery Smith]

I found a the Golden deal. 1000 sqft house 3 bedroom 1 bath. $70,000.00. The only problem is the bank wants 7,500 on closing cost and 20% down (14,000) payment. I only have 20k. The owner is willing to pay the closing cost but the bank said he can only pay 2% of closing since it's a conventional loan. Should I go to another bank or will all of them be the same? I don't get why it's not working out. It's so cheap! Please let me know what you think. I'm in Florida of that helps.

[Jason Wray]

Zackery,

You have two challenges one your bank is requiring 20% down and other banks typically have a minimum loan amount of $75K due to high cost rules.  My advice would be to get a loan secured or unsecured to buy it all cash.  You do not have to wait 6 months to get the cash back out by using delayed financing so you can pay off the first loan quicker.

If you own a home or have good credit with W2 income you can get a loan for the $70K.