First, you're going to have to find a property under $80,000 . . . unless you want to purchase a run-down shack, which is what under $80,000 will get you. FIXER comes to mind. Do you have funds to rehab??

And then you won't need to worry about obtaining a loan with no job or proof of income. The property won't be able to qualify for a loan either.

Good luck!

Michelle for loans under $100,000 there is an increase of interest rate over a normal loan interest rate. What is your credit score? Rates are now adjusted off your credit score? I can give you a noame of a mortgage broker that can answer your questions because that is the first place to start. Let me know if I can help.

Tom Inglesby
Broker
RE/MAX Equity Group Inc.
503-319-9035

Well probably not a traditional loan. Seller carried financing should be no problem however. This takes some effort MIchelle and it may be hard to find a home for $80,000 that is livable but not impossible.

Call one of us as an agent to assist you and you should have some success.

Good question and thanks for using Trulia!

Dirk Knudsen
Re/Max Hall of Fame
503-799-8383

Hi Michelle,

I'm not a "money" guy... but you could always find something on seller contract if the bank won't help you out. Don't forget to check out http://www.PortlandHomeAuction.com for the deals around town.

Cheers,
Aaron

You'll need to demonstrate to a lender that you're able to repay the $40,000 loan. If that's not a job, it might be some other source of income. (Alimony, investments, etc.)

However, many lenders won't/don't make loans for under $50,000. It's too much hassle and paperwork for not enough profit. You may actually have to borrow more--again, being able to show that you're able to repay the loan.

Another option is owner financing. In this case, you may find an owner willing to be more flexible than a formal lending institution.

However, in any case, you'll have to have the capacity to repay the loan, and any lender--even a private one--will need proof of that.

Hope that helps.