Home Buying in Decatur>Question Details

Cindy Pope, Home Buyer in Chicago, IL

I'm looking for a house in Decatur, Il in $30,000 range. I'm a first timer. Can anyone tell me the best way to find a lender? Credit score

Asked by Cindy Pope, Chicago, IL Mon Sep 5, 2011

680.

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3
Cindy,

The best way to start is to find some lenders in your area that you know of, that you trust, or perhaps you were refered to by family or friends. I must say, however, that a small loan amount like $30,000 may prove a little difficult to get from some lenders because of the government regulation which limits total fees to 5% of the loan amount. This was designed to protect consumers, but all it did was discriminate against small loan amounts and low income families. Either way, good luck in your search!

Mike.
1 vote Thank Flag Link Mon Sep 5, 2011
Ask your local Realtor for a recommendation. Local agents normally know (or can find out) which lenders will do the smaller loans.
0 votes Thank Flag Link Tue Nov 27, 2012
Cindy-
Although mortgage companies can discriminate against small loans, there are plenty of local banks or credit unions that can help. Usually it's good to start with whatever bank you already do business with, wherever you have your checking accounts, etc. That bank is more likely to be able to help you. Also, check around to local banks and ask about their minimum mortgage loan amount. There should be a local bank that can do the loan. If not, I have some resources that might be able to help. Just email if you need further assistance.
Molly@buyafarm.com
0 votes Thank Flag Link Mon Sep 5, 2011
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