"Small" Loan Options for Financing in Pensacola

[Mark Manship]

Good afternoon BP! I am wondering if anyone has had any luck finding lenders in the NWF area (Pensacola, specifically) willing to finance loan amounts for home purchases under 100k; more specifically, buy-and-hold investments. I have found a few "opportunities" worth walkthroughs and offers, however, I was told by a local mortgage broker that most lenders won't offer financing below 135k (minimum loan amount); those investment property loans also come with a 20-25% down requirement.

I'm trying not to get frustrated having heard multiple stories of individuals purchasing homes via NFCU or other like-Credit Unions and FHA with low money down (3-10%) and seemingly no minimum loan amount. Are these myths? Owner-occupied or first-time home-buyer discounts that I don't qualify for?

After running the numbers, I would prefer to avoid the hard money lender route in an effort to minimize the higher interest rates with cash flows already hovering in the low hundreds.

My questions could be summarized as:

1) Are there known lenders, specifically in NWF Florida (Pensacola area) that offer "small" mortgages (<$100k at 70%-100% LTV)

2) Are there restrictions to conventional lending that are in line with what my mortgage broker told me that I may be missing? (i.e. minimum loan amounts of 135k with 20-25% down)

3) If so, has anyone had experience creating creative solutions within these requirements?  

Thanks!