Is it possible to find a home mortgage for a home explicitly lower than $30,000?
i'm in ny and was told i be unable to get a mortgage here that low, is that how it is within every state?
Answers:
Where do find a home for that little? Yes, most lending institutions have a minimum.
The state is meaningless. That is up to the bank to resolve. However no banks like to offer mortgages for that low, because if the property value is already that low, then the house losing the mortgage must be a disaster and not worth the risk.
Yes, there are certainly homes available for that little. Most mortgage lenders will not look at it because the percentage that they bring in is far too little for the expense and risk of offering the loan. When I did mortgages, our minimum loan amount was 40K. Talk to a local bank or credit confederation, or ask the seller to carry the loan, or ask a clan member to lend it to you for a higher than average interest rate. Most homes surrounded by that kind of price range are surrounded by need of a great deal of "help" and are purchased by investors who not merely can pay cash for the property but can also pay cheque cash for the repair work. Source(s): 20 year RE broker and former mortgage broker
Related Questions:
Can borrowing from your 401k surrounded by times past hurt your likelihood on getting a home mortgage?
I borrowed money from my 401k awhile back to pay sour some debt.My mortgage lender asked to see a copy of my 401k statement. It shows where I borrowed the money.Can this hurt me in any...
Answers:
Where do find a home for that little? Yes, most lending institutions have a minimum.
The state is meaningless. That is up to the bank to resolve. However no banks like to offer mortgages for that low, because if the property value is already that low, then the house losing the mortgage must be a disaster and not worth the risk.
Yes, there are certainly homes available for that little. Most mortgage lenders will not look at it because the percentage that they bring in is far too little for the expense and risk of offering the loan. When I did mortgages, our minimum loan amount was 40K. Talk to a local bank or credit confederation, or ask the seller to carry the loan, or ask a clan member to lend it to you for a higher than average interest rate. Most homes surrounded by that kind of price range are surrounded by need of a great deal of "help" and are purchased by investors who not merely can pay cash for the property but can also pay cheque cash for the repair work. Source(s): 20 year RE broker and former mortgage broker
Related Questions:
Can borrowing from your 401k surrounded by times past hurt your likelihood on getting a home mortgage?
I borrowed money from my 401k awhile back to pay sour some debt.My mortgage lender asked to see a copy of my 401k statement. It shows where I borrowed the money.Can this hurt me in any...