Cydney Willi…, Home Buyer in 63136

how do you finance a home under 50000. Every mortgage lender says they won't touch any property under 50000. I live in St. Louis, MO.

Asked by Cydney Williams, 63136 Wed Sep 14, 2011

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14
Seeking a Mortgage Company which wll lean $50,000 & under. Would like to Purchase a foreclosure with in (Chicago south Suburbans)..Out of Bank Ruptcy 1 yr with a credit score above 675.
0 votes Thank Flag Link Thu Feb 26, 2015
I'm having the same problem. Does anyone know of a company in Mchenry County Illinois that will give a mortgage loan for under $50,000?
0 votes Thank Flag Link Wed Apr 30, 2014
I also am looking for a $50,000 loan in Michigan....no can do. My credit is way up from what it was even a year ago and still can't!
Flag Thu May 1, 2014
As for a signature loan, the banker may require a long term CD to secure the signature loan but total loan costs should be less expensive, verify with your personal bank.
0 votes Thank Flag Link Thu Jan 30, 2014
I can do loans under $50,000 in MO with no increased down payment requirement.Contact me if you would like to explore your options. I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Thu Jan 30, 2014
Do you know anyone in Eastern NC that will loan under $50,000 to buy a HUD property?
Flag Sun Jul 27, 2014
I'm in St Louis, and do loans under $50K. Fortunately, we're a low closing cost state, so easier to stay within federally mandated caps on fees charged to borrowers. Some loan officers shy away from doing smaller loans as their compensation is less, but that's not the way I look at it. Please contact me if you'd like more info.
0 votes Thank Flag Link Wed Jan 29, 2014
Ted, will you email me at teddyshonka@gmail.com. I am interested. Thanks
Flag Tue Jul 15, 2014
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0 votes Thank Flag Link Wed Sep 11, 2013
Ask the Realtor you are working with if they have an affiliate Mortgage Company associated with their office or if they have contacts that lend hard money. Rates may be higher but it may get you into the home!
0 votes Thank Flag Link Mon Sep 26, 2011
Cydney,

Last I checked Coldwell Banker Home Loans did loans for under $50,000. I suggest you go online and apply with them. If you need some help with anything else please feel free to contact me. I hope you get what you need.
0 votes Thank Flag Link Mon Sep 26, 2011
I just recently di a deal where the purchase price of the house was only $35,000, and it was financed. The catch was that the buyer had to come up with a very significant down payment to the tune of 20% in this case. From what I am seeing lately this is common for these very low loan amount deals. Let me know if I can put you in touch with the lender who put this together to see if it will work for you.
0 votes Thank Flag Link Mon Sep 26, 2011
Hi Andy,Im in a situation where I need a lender that will finance a home under 50K. I can do the 20% is the lender you know located only in St.Louis? Or are there are offices? Thanks
Flag Tue Apr 23, 2013
well i live in kansas city you can tell me. i.m having a hard time here
Flag Fri Oct 19, 2012
Cydney, the answer may be more than the price of the home. Lenders in the St Louis area do loans at that level all the time, but they also look at your credit rating, debt to income rating, whether the home is worth that amount and much more. I would suggest that you go through one of the Catholic Charities, Beyond Housing or Better Family Life programs - they will help you through the process and if you complete their programs, you may be eligible for additional financing through one of their programs (you don't need to do all 3, chose the one that is closest and most convenient for you). They will also have lists of the mortgage lenders who they work with - I recommend Mark Denny at Cornerstone for most of the buyers I have at this level since he is on all the special financing programs
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Thu Sep 15, 2011
Cydney,

I know of one who might do it, but the other answers all address the most likely success obtaining a loan of this amount.

1. owner financing
2. your own bank or a credit union
3. private investor
0 votes Thank Flag Link Thu Sep 15, 2011
Hello Cydney, I am sorry to hear that you are having difficulty finding a lender to do a loan under $50,000. I work with buyers who have purchased homes of less than this amount and they have had success. If you belong to a credit union, try that as an option. Feel free to contact me and I can provide some suggested lenders.

There is a lender for you.
0 votes Thank Flag Link Thu Sep 15, 2011
hello Beverly, didn't expect to come across you here. I have a guy who only has $10,000 cash looking for a house for him and his grandson. I want to be able to look for houses that aren't all HUD/Fannie Mae. REO doesn't offer any loan assistance programs. If you could give me contact info for some lenders that I could give him I'd really appreciate it. See you at the office! DonnaG
Flag Sun Mar 16, 2014
Also check with the bank you currently do business with, any smaller community banks, credit unions...
0 votes Thank Flag Link Wed Sep 14, 2011
Someone here may be able to suggest a lender who will lend for that amount of money.

Other options include:

--Personal bank loan. The interest rate will be higher and the term shorter, but that's one way.

--Private investors. There are plenty of folks out there willing to invest. Again, the interest rate will be higher. To find private investors, you can look in the "Business Opportunities" section of your newspapers. Or go to meetings of some local real estate investment clubs. You can find a listing, by state, at http://www.creonline.com

--Owner financing. Either screen for properties in which the owner is willing to finance the property, or make offers on properties with the requirement that the owner provide financing. There are a few other techniques that might work, such as a "wrap" mortgage--in which the seller wraps his/her current mortgage with your mortgage. A real estate lawyer can explain that to you.

--Friends and relatives. Some of them might be willing to lend you the money.

Hope that helps.
0 votes Thank Flag Link Wed Sep 14, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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