Home Buying in Dallas>Question Details

milana_cherie, Home Buyer in Dallas, TX

Options for a five year mortgage loan of <$50,000 for student with a fellowship?

Asked by milana_cherie, Dallas, TX Wed Feb 26, 2014

Graduate student with a fellowship award that updates annually so cannot "prove income" three years out, which caused rejection from one lender already. Can put 20% down on a property and looking for a small mortgage loan ($30K-$50K). Can anyone recommend a lender who could possibly work with me? My credit is great and I have proof of down payment. Help please! Not looking to rent.

Help the community by answering this question:

Answers

5
It's unlikely you will find a affordable option for such a low amount. Sad but true.
0 votes Thank Flag Link Sun Mar 2, 2014
Hi Milana,

I will do loans of this size. However, you will probably have to do a 10 year loan and just make the payment that will pay it off in 5 years if you wish. It also might be smart to do a 5 year arm which would be a very low rate that could change after 5 years. Of course, if you pay it off in 5 years, this will not be a concern.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
1 vote Thank Flag Link Wed Feb 26, 2014
I don't think this will work in most cases. Most lenders won't loan on places less than about $55,000.
If you can find one the rate will be so high it won't make sense. In my experience most lenders also do not like income from fellowships.

Can you get anyone to cosign?

Call me early Thursday also about a special down payment program happening this weekend.
0 votes Thank Flag Link Wed Feb 26, 2014
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
I know of private lender, however when you use a private lender interest rate are very

high and I do not recommend using them unless there is no other way .

Good Luck and God Bless

Linda
1 vote Thank Flag Link Wed Feb 26, 2014
I have considered a private lender as a last resort but I've been having a hard time finding one that didn't seem really sketchy.
Flag Wed Feb 26, 2014
Because of the amount of the loan it could be difficult to get one but if you will email Anh.Le@ServiceFirstMtg.com she might be able to help you or point you in the right direction.
1 vote Thank Flag Link Wed Feb 26, 2014
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