Lately I've been trying to get preapproved for a home loan. However, I've found that most banks won't give me a loan because I'm wanting such a small amount. I've heard that local banks may be willing to loan me money but at a higher interest rate (7 to 8%). Does anyone know of a bank that would be willing to give me a loan, or am I forced to pay the higher rates?

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Posted by TheHiddenFlask

The Welsh red light district

Member since Jul 2008

18384 posts

Posted on 5/15/11 at 2:17 am to GAFF

This makes no sense.

A large down payment should make it easier to buy a house.

Please include more details.

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Posted by ds1tiger

Closer than you think

Member since Apr 2006

359 posts

Posted on 5/15/11 at 10:21 am to GAFF

There is very little revenue in a loan that size from a banks perspective. To commit a rate in the 4s for 15-30 years just doesn't produce.

I doubt a mortgage broker will help you either. Due to the newly enforced compensation rules, there is no money in a loan that size.

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Posted by tigerzfan2000

Busy Corner

Member since Sep 2009

160 posts

Posted on 5/15/11 at 6:16 pm to GAFF

quote:
Lately I've been trying to get preapproved for a home loan. However, I've found that most banks won't give me a loan because I'm wanting such a small amount. I've heard that local banks may be willing to loan me money but at a higher interest rate (7 to 8%). Does anyone know of a bank that would be willing to give me a loan, or am I forced to pay the higher rates?

Have you tried a credit union? Most 15yr mortgages are kept 'in house' versus being packaged and sold off.

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