Can my brothers using an FHA loan buy a house below FMV?

Profile picture for propseeker22
I found a house for my 2 brothers and myself. They are on a fixed income. 1 makes $1800 a month. the other makes $1300 I make $2464 a month. we have a low monthly bills now. Our rent is 400 a month between us. and the utilities and cable & insurances another $549 total outcome. The house we are interested in is listed at $93300. FMV is about $143K  I want to make an offer of $59500. I know we can together make the monthly payments plus taxes & insurances at this offer level. our monthly income is $5,564. We want to buy it together? Can this be done? And if FHA can be solution. Down payment we can put down $15k. What do you think?
I am looking at this as a CO-OP deal with my brothers. I am a first time buyer. Will this help?
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March 20 2011 - Carson City
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Answers (2)

Profile picture for ScottsdaleAZHomes
Something does not sound right.  You claim FMV is $143K and it is listed at $93K?  This does not sound right, there is something you are not telling us.  Then you somehow think you can get this home for $59K?

I want you to be my buyer, anyone that can find homes worth $143K and buy them for $59K has my business.

As for whether you can get an FHA loan, you first have to qualify.  Then the condition of the home will be assessed. The FHA appraiser will appraise the home an note any problem areas.

FHA does not care if you get a bargain, only that the home has appropriate value and does not have any safety concerns.
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March 21 2011
Profile picture for Chris Elder
I think you need to go see a local loan officer and get his professional opinion. It looks like you can afford the loan based on the amount of money you all make, but FHA is not the only loan program, keeping you options open may help.
If the home you are interested in has a fair market value of 143k and is offered at 93k I would jump on that deal. As a first time home buyer you should think about choosing a local Realtor to help you through this process. Feel free to send me an e mail if I can help with anything more.
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March 21 2011
 

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