You're not going to find a lender interested in doing a $10,000-$15,000 mortgage. Most have a minimum around $50,000. It's just too much paperwork and hassle to do a mortgage for $15,000.
Second, if you've got $120,000 cash and you're looking at $130,000 homes, then make all-cash offers for $120,000. Use normal negotiating techniques, plus the extra oomph of an all-cash offer.
Or, if your business is booming (congratulations, by the way), then wait a few months. I don't know the timing involved, but if you've accumulated $120,000 in 2 years, that works out to $5,000 a month. Rather than worry about a $15,000 mortgage, just hold off on buying for 3-4 more months, and you'll have all the cash you need.
One other option: Make sure to check your credit today. Maybe, with your recent success, your credit isn't all that bad. In that case, you might consider putting 40%-50% down and getting a mortgage for the $68,000-$75,000. A lender certainly would be willing to do that, even with someone with somewhat weak credit. That'd leave you a nice cash cushion and a reasonable, manageable mortgage. In fact, that's the first thing I'd consider.
Hope that helps.
Contact my office today where I can show you many amazing homes work with your family specifications.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
Follow me on Facebook
NMLS # 6395
Financing Kentucky One Home at a Time
You may have to wait and just build your credit again. Getting a home loan now is tough even for people with good credit.
Hope this helps.
Save more and pay cash?
Buy a less expensive house and pay cash?