Financing in Plainfield>Question Details

Izach26, Home Buyer in Plainfield, NJ

First time homebuyer, looking for a 45,000 mortgage, Plainfield NJ,600 credit score, $4500 Down Do any lenders offer mortgages below 50K

Asked by Izach26, Plainfield, NJ Wed Jun 15, 2011

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Izach26’s answer
LOL@ Annette If my parents had investments of the sort I wouldnt be looking for such a cheap mortgage, but thatnks for the advise.

Just got a call from my Agent the Condo development is not FHA Approved so I would have to go with a conventional Loan.

Which is Hard to belive, ill call the Management office and Check

I also just checked my 401K has some extra cash I can withdraw without penalty, since its for the purchase of a home

Do any of you no Brokers In my area who would be able to assit me?
0 votes Thank Flag Link Wed Jun 15, 2011
I agree, The bank you do business with or credit union, you may want to take a few months and raise that FICO score just a bit more and there are things you can do to get it up another 30 or 40 points in just a few months. You can also look into regular Mortgage Brokers that will try to find a lender that will fit your needs, Better credit ratings get better mortgage deals! If you go with FHA you only need to put 3.5% down. Again talk with a financing profession in your area!
0 votes Thank Flag Link Wed Jun 15, 2011
Good advice from Anna. I do not know any bank that will go so low since it costs the same amount of money to originate a $250,000 loan as one for $45,500.
The credit union you belong to is your best bet otherwise you may want to ask your parents if they are willing to securitize their investments into a mortgage for you. They still receive the income of their investments but cannot sell them.
0 votes Thank Flag Link Wed Jun 15, 2011
Begin by checking with the bank you currently do business with, any other smaller community banks, credit unions....
0 votes Thank Flag Link Wed Jun 15, 2011
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