Home Buying in Gary>Question Details

Sheila Woodb…, Home Buyer in Illinois City, IL

I have low income and want to purchase a house in Gary Indiana and need someone to finance 22, 900 is there a agency or company or program that can

Asked by Sheila Woodberry, Illinois City, IL Tue Feb 25, 2014

help me with getting finance

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Call me if you are serious about buying. I can get you in with $3-5,000 down, owner financing for 18 months. 845 300 8147
0 votes Thank Flag Link Mon May 5, 2014
contact a small local bank or credit union.

Our wonderful government just recently put guidelines in place that make it even tougher for lenders to make small loans like this. It's called the high cost mortgage rule. Basically, if closing costs as a percentage of the loan amount exceed a certain amount, the loan won't qualify. And since it costs about the same dollar for dollar, sometimes more, to process a $20,000 loan or a $200,000 loan, this creates a problem.

Not to mention that banks are capped on what they can charge you, so they can't make these loans profitable for them.

So a small local bank might be able to absorb the loss in the hopes that they can make money off you from credit cards, bank accounts, car loans, etc.

Wish I had better direction for you, but that is probably your best bet.

Good luck!
Tony
0 votes Thank Flag Link Tue Feb 25, 2014
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