Financing in Bangor>Question Details

Rosalind, Home Buyer in Sacramento County, CA

Are there mortgages available for properties under $50,000.?

Asked by Rosalind, Sacramento County, CA Sun May 30, 2010

I am 63 retired and looking at properties in Maine. I have zero debt. A Fico score of 789 and have 20% plus down payment.. I am also a US Army veteran and eligible for VA financing.

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Hi Rosalind- I work for a mid-sized lender out of Portland. Yes, that is feasible. You typically would have to pay a little more in fees or a mortgage rate (than a $150K + mortgage), because there is a minimum that most lenders need to earn of any loan they close. I'd be happy to give you some ideas and parameters if you'd like.
Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Sun May 30, 2010
Hi Rosalind - Absolutely there are mortgages available under $50,000. At this amount, you might find the local banks to be your best bet. I see you are asking about financing in Bangor and you will find Bangor Savings Bank very active there and they do offer loans in that amount.
Financing is available for all types of year round homes, including mobile homes. Financing for seasonal second homes can be more difficult but is generally available.
I am sure some lenders will chime in with contact info!
0 votes Thank Flag Link Sun May 30, 2010
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