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Started By
Message
Home Loan Under 50K?
Posted on 5/14/11 at 10:47 pm
Posted on 5/14/11 at 10:47 pm
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?
3
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.
A large down payment should make it easier to buy a house.
Please include more details.
Posted on 5/15/11 at 5:38 am to TheHiddenFlask
Try a 15 yr loan. $50K @ 4% is < $500/mos
Posted on 5/15/11 at 8:57 am to vegas-tiger
quote:
Try a 15 yr loan. $50K @ 4% is < $500/mos
What does that have to do with it?
I'm not a retail banking genius, but this doesn't seem like it should be a factor.
Posted on 5/15/11 at 10:12 am to TheHiddenFlask
I believe the GSE programs have a minimum loan size, think between $100-150k.
To the OP, check with some credit unions, you may find them more desirous of your business.
To the OP, check with some credit unions, you may find them more desirous of your business.
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.
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.
Posted on 5/15/11 at 10:29 am to ds1tiger
So how does it work if someone buys a 50k trailor?
Posted on 5/15/11 at 10:31 am to LSU1018
quote:
So how does it work if someone buys a 50k trailor?
Trailors are a different animal because they are a depreciable asset. They are basically in the same basket with car loans, or worse.
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.
Posted on 5/17/11 at 6:40 pm to tigerzfan2000
I was really wanting a 30 year.
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