Home Buying in 92110>Question Details

zeppo, Home Buyer in Merced, CA

Im trying to get a loan for 40k I got re approved for higher amounts but they dont do loans that low so wondering any banks thatl do a loan that cheap

Asked by zeppo, Merced, CA Tue Mar 6, 2012

Lowest theyll go is 50k for a loan

Help the community by answering this question:


Just take the higher amount wait a week , and go back and pay down on the balance of the loan. Quick easy fix :o)
0 votes Thank Flag Link Thu Aug 15, 2013
Zeppo, U.S. Bank will go that low and with very little pricing hit to the rate. I think they would be the best solution for you. Best of luck to you
0 votes Thank Flag Link Thu Mar 8, 2012
Hi Zeppo,

Our minimum loan amount is $25,000. How much are you putting down? The main reason very few lenders lend for that loan amount is the cost. When you factor in lender fees, any points, etc., the APR (not the note rate) would be rather high and fall into predatory lending territory. The key will be to select a rate that will offset those fees and keep the APR in check.

Feel free to call or email me with more questions. I'm in San Diego (Rancho PQ).

Rene Joseph De Blanco
0 votes Thank Flag Link Wed Mar 7, 2012
Hi Zeppo,

You can try North Island County Credit Union, as I believe they are a portfolio lender and may be able to put something together for you.


Ken Schwartz
Broker-Associate REALTOR®
DRE# 01854235
KM Realty, Inc
3530 Camino del Rio North #101
San Diego CA 92108
Cell: 858.366.3093
Fax: 888.470.5928
0 votes Thank Flag Link Wed Mar 7, 2012
Zeppo -

The reason you are having such a problem is it's hard to package such a small loan amount with much larger ones to sell in the secondary mortgage market. Big banks and mortgage bankers won't even try most of the time.

I would suggest two things, 1) find a small community bank that may portfolio the loan that funds the loan through its depositors and not try to sell the loan or 2) get a home equity line of credit from a local credit union here in town, San Diego town, that is.

The line of credit is variable but should be fine for the next few years while you arrange more permanent financing when the mortgage market loosens up.

Take care,

0 votes Thank Flag Link Tue Mar 6, 2012
Hi there,

If you're having a hard time finding a lender to go that low, or you do find one, but find the interest a lot higher, why not just take out the lowest loan you can find at the best interest rate, and pay it down once you have it? Then, you'll be left with a small loan and a low interest rate.

Warm Regards,
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Zeppo,
Are you buying in San Diego? Feel free to contact me directly. I am pretty sure my lender will go that low.

Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Tue Mar 6, 2012
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