(Closed) Mortgages under 40k?

posted 6 years ago in Home
Post # 3
Member
8444 posts
Bumble Beekeeper
  • Wedding: April 2013

@out4answers:  I’ve never heard of anything like that.  I think as long as you have the credit and the home meets a certain percentage of the loan value, there will be someone willing to take on the loan.  Maybe talk to a different bank?

Post # 4
Member
10603 posts
Sugar Beekeeper
  • Wedding: January 2011

I don’t know for sure, but that sounds odd.  What about people who are up for renewal so have a good amount of their house paid off, and choose to go with a different lender?  I’m sure there are people with 500k houses and only 30k left to pay on their mortgage.

Post # 5
Member
4284 posts
Honey bee
  • Wedding: June 2012

I would check into it more. That sounds silly to me. I am sure you could get a mortgage loan as long as the value and the loan are comparable as the PP stated.

Post # 6
Member
10603 posts
Sugar Beekeeper
  • Wedding: January 2011

Google shows one of the big banks here having a minimum of 10k, which sounds more reasonable to me.  Was the ‘mortgage guy’ a broker or with a particular lender?

Post # 8
Member
10603 posts
Sugar Beekeeper
  • Wedding: January 2011

CIBC, it’s one of the big 5.  They were the only one that I had come up on the first page of my search that mentioned a minimum.

Post # 9
Member
993 posts
Busy bee
  • Wedding: May 2013

wow that seems extremely low for a house! that’s a down payment around here.

what about a line of credit?

 

Post # 10
Hostess
1427 posts
Bumble bee
  • Wedding: November 1999

Geez! Where do you find a house for that price?? That is barely a downpayment over here in California!

Post # 11
Member
10603 posts
Sugar Beekeeper
  • Wedding: January 2011

I am jealous of the price!  Our planned downpayment is more than double that.

Maybe try a broker who is willing to look for a lender that has a smaller minimum, as since the market is lower there the minimum shouldn’t be higher!  Maybe you’ll have to do the leg work yourself though, brokers might not make enough of a commission on that small of mortgage to make it worth their while.

Post # 13
Member
11747 posts
Sugar Beekeeper
  • Wedding: November 1999

@out4answers:  I have no idea, I don’t see why they wouldn’t. However, where can you buy a house for 30 or 40k? I’ve never seen anything priced that low where I am!  I need to move…

Post # 14
Member
363 posts
Helper bee
  • Wedding: April 2013

I think it varies from lender to lender. Our lender said they wouldn’t do a mortgage for under $50k.

Post # 15
Member
999 posts
Busy bee

I work for the largest credit union in NC. I have qualified mortgages for as low as $15k and have closed on one that was only $25k. The only thing with lower mortgage amounts is that it will depend on the appraisal. We typically see homes that run in that range being foreclosed upon and sometimes makes us apprehensive of approving something like that because of the condition.

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