Financing in Christopher>Question Details

Houndsmom, Home Buyer in Christopher, IL

I need a mortgage for 15000. Where can I find one for this small amount?

Asked by Houndsmom, Christopher, IL Mon May 31, 2010

Help the community by answering this question:


Check with a local credit union. What are the details of your loan needs?
0 votes Thank Flag Link Mon May 31, 2010
The reason that it is very unlikely that you will find a loan for this amount is that the amount of cost associated with the loan is more than the RESPA guidelines would allow to be made on the loan. RESPA is the Real Estate Settlement Protection Act (I am quite sure this is right), and was passed by the government to prevent over-charging on borrowing. The costs associated with underwriting and closing a loan are more than is allowed.
I am not sure what kind of property you are planning to buy, or what the cost is. If this is not a purchase, and you want a $15,000 loan on a home you own free and clear, you can take out a line of credit on it. If you have cash to close on a purchase, you can take out a first position home equity line after closing.
0 votes Thank Flag Link Mon May 31, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer