Financing in Odem>Question Details

Raymond Garc…, Other/Just Looking in Odem, TX

how hard is to get a loan and how much down on a $37,000 house?

Asked by Raymond Garcia, Odem, TX Sun Oct 12, 2008

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This purchase price in no more difficult to get a loan for than a $200K house. There will be a slight rate hit due to loan size but other than that its the same. You can get as little as 3% down with conventional or 3.5% with FHA depending on your credit and the home condition. If you have more questions take a look at our website or call me with questions. Hope this helps.
1 vote Thank Flag Link Sun Oct 12, 2008
It can be tough to get a loan for less than $50,000 these days. The best thing to do is ASK? Ask your current bank if they have a loan limit size and start there. In this case it might pay to go to a mortgage broker versus a bank as they may have different resources. If you need a referal to a mortgage broker please ask and we'll be happy to provide to you.
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0 votes Thank Flag Link Sun Oct 12, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
It can be tough to get a loan on a lower priced property such as this. Typically any property in this price range is very old and probably has some issues as well so it wouldn't qualify for FHA in most cases. If it did, and you could find a lender to offer that low loan amount you will probably take an interest rate hit. I would presume with good credit at least 10% down (unless it can go FHA, in which case it would be 3.5%). Contact a local lender and ask them for all your options. Local banks tend to be better at loaning for this low loan amount than mortgage brokers.

Good luck!
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0 votes Thank Flag Link Sun Oct 12, 2008
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