If a mortgage company say they don't do mortgages for below 100K, does that show we hold to buy a 100K home?
It appears that many of the mortage companies don't do mortgages for less than 100K (unless they're smaller lenders and copious of the homes i've looked at require proof of funds from known lenders).
Does this mean that we own to get a home that costs at least 100K. The homes I hold seen and were interested contained by were around 85-90K.
Answers:
Lenders make money when they loan money, but near is a break even point and anything under $100K doesn't make money. Most folks buying homes lower than that pay cash. Work beside a realtor, they can put you in touch with companies that may provide that size loan.
That's exactly what it finances. Mortgages for less than $100K take indistinguishable amount of work to process as do larger mortgages, and the interest earning potential is lower. Thus, many lenders simply won't bother near 'smaller mortgages'. You will need to find a lender willing to pedal a smaller loan. Expect a higher interest rate from such a lender.
Actually the house will have to be more, the mortgage will be 100k, but you still enjoy to make a down payment. 110k at most minuscule.
There are lenders who will do 80k, Go to a mortgage broker in your town. Ignore the scum you will hear from after thsi post, nearby are lots of dirt bags looking for victims like you.
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Am I better past its sell-by date selling my condo and porting my mortgage or should I rent my condo and buy a different home?
I bought a condo last year for 195 K with 5% down; the prices have went down since then. Similar properties are very soon sold for 160-170 K....
Does this mean that we own to get a home that costs at least 100K. The homes I hold seen and were interested contained by were around 85-90K.
Answers:
Lenders make money when they loan money, but near is a break even point and anything under $100K doesn't make money. Most folks buying homes lower than that pay cash. Work beside a realtor, they can put you in touch with companies that may provide that size loan.
That's exactly what it finances. Mortgages for less than $100K take indistinguishable amount of work to process as do larger mortgages, and the interest earning potential is lower. Thus, many lenders simply won't bother near 'smaller mortgages'. You will need to find a lender willing to pedal a smaller loan. Expect a higher interest rate from such a lender.
Actually the house will have to be more, the mortgage will be 100k, but you still enjoy to make a down payment. 110k at most minuscule.
There are lenders who will do 80k, Go to a mortgage broker in your town. Ignore the scum you will hear from after thsi post, nearby are lots of dirt bags looking for victims like you.
Related Questions:
Am I better past its sell-by date selling my condo and porting my mortgage or should I rent my condo and buy a different home?
I bought a condo last year for 195 K with 5% down; the prices have went down since then. Similar properties are very soon sold for 160-170 K....