I am trying to buy a home and having trouble getting my contract approved even though my credit is okay?

Your best bet is to go to a local bank. Local banks are much more likely to loan on smaller amounts (I know, $50,000 is not a small amount) than other lenders. If you go local, they are much more likely to want to work with someone who is moving in.

For a mortgage appraisal, they're only concerned that you aren't paying more than its worth. Most of the time, they just appraise it at the sale price.

As for being rural and less than $50K, those aren't reasons to refuse a loan. You might have to pay more fees or interest, but they'll still make the loan.

I'd make some calls and see exactly what the hold-up is. Several things that come to my mind are:

1) Perhaps your credit isn't as good as you think

2) Perhaps there is a problem with insuring the house - the bank won't write a mortgage if you can't get insurance.

3) Perhaps there are liens (back taxes, overdue utility bills, sewage, etc.) outstanding on this property.

4) Perhaps the current owners decided they really don't want to sell or have had another offer.

Good luck.

whoever told you banks dont do rural loans or home loans for under $50k lied. Call Ameris Bank > they do both.

Also it doesnt matter what your house was appraised at as long as you arent trying to borrow more than the appraisal price i.e. $60k.

Good luck and def get away from whom ever is giving you this wrong info

1) Some banks only ask their appraisers to VALIDATE the selling price-- which is totally lame, if you ask me.

2) You'd have to find a mortgage broker who can find a loan udner $50K or a bank-- not much we can do without that.

3) Your last option is to pay the down payment to the current owner and see if they will "carry" the loan for you. A title company can prepare a 'deed of trust' so its all legal.

Call kristin mann at firsthorizon. She is rural housing specialist and the loan size is irrelevant. 800-971-4638

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try a personal loan. if you have good credit and potentially a house for collateral, you just might get it.

Talk to Countrywide. They will take your money.

Buy a different house.

Try these guys they can help!