Kay, Home Buyer in Benton, IL

My credit is bad. I have 20k to go down on a 30k home. Is it possible to get a loan for the remainder?

Asked by Kay, Benton, IL Sun Feb 10, 2013

Help the community by answering this question:

Answers

8
Generally speaking, $10,000 will be below most lenders' minimum loan amount. Perhaps you could ask the owner to "carry" a loan for that small amount?

Barbara Coker
NMLS#228545
100% Home Loans All Over Texas
Licensed Mortgage Loan Officer
1 vote Thank Flag Link Sun Feb 10, 2013
Do you mean a Contract for deed? Thank you for your response. :)
Flag Sun Feb 10, 2013
Looking to get into Real Estate Foreclosure Investing!!!Only have $10,000.00 to start. Is there any hope for my situation in the Dallas Market. My realtor has been less than encouraged and slow in reponse. DESPERATE!!!!NEED HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Fri Jan 3, 2014
I do not see why that would be a problem at all, you can just get a personal loan for the 10k. Talk to a company I use, they have hundreds of Banks and lenders they use that can probably help you. The Lenders Network is the place to start, just fill out an app and they will help you out.
0 votes Thank Flag Link Mon Feb 18, 2013
Hi Kay,

I responded to one of your previous posts regarding the same topic already, but haven't heard from you. We can lend down to 10K. Please call or email so we can discuss.

Thanks,

Ted
512-334-1481
0 votes Thank Flag Link Thu Feb 14, 2013
I'm impressed I wasn't aware of any local lenders that financed so low.
Flag Mon Feb 18, 2013
I will more than likely give you a call here in the next couple weeks. Thank you. :)
Flag Thu Feb 14, 2013
Hi Kay,

Unfortunately, most convensional lender wont lend less than 45k. I would recommend you to contact a private lender. They will able to help you with the down payment you are putting down.

Dixon
Realtor
http://www.findyourtexashome.com
0 votes Thank Flag Link Thu Feb 14, 2013
Many normal lenders have a lower limit around $35 or $40k for the loan. Some private lenders will do small loans like your $10k balance.

Some sellers might offer you seller financing with so much down payment.

Your problem is going to be finding a home in that range. Preston Hollow is a bit more expensive than $30k. Only some townhouses on the west side are down in that range and they have $200/month dues. Most single family homes in Preston Hollow are in the $300-999k range, with some in the $250-300 range.
0 votes Thank Flag Link Mon Feb 11, 2013
Kay,

We can help you. We're a private money lender and have a NO DOC loan program that's not credit score based. We require 35% down and don't care about the condition of the home, so long as it appraises equal to the purchase price on the contract. Please give me a call or send me an email and we can discuss your situation and next steps.

Ted
512-334-1481
0 votes Thank Flag Link Mon Feb 11, 2013
Contact any lender for these answers.

Kenny
Turtle Creek Realty
0 votes Thank Flag Link Sun Feb 10, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer