how would i go about getting a loan for 40000 to buy a home with?

Asked by Cecil, San Antonio, TX Wed Apr 16, 2008

Help the community by answering this question:

+ web reference
Web reference:


Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 3, 2013
Good evening Cecil,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
2 votes
Paul B. Perez, , Austin, TX
Wed Apr 16, 2008
I think Jim answered that question completely. If you have nobody to go to for a referral try a chain bank like B of A. At least you will have security knowing that they will be able to close the deal!
2 votes
T.E. & Naima…, Agent, Dallas, TX
Wed Apr 16, 2008
Cecil, keep in mind that because your loan is so small, you will be paying a higher interest rate than market even if your credit score is perfect. Don't be shocked.

Your best deal would probably be from a credit union.
Web Reference:
1 vote
Jim Johnson, , 78233
Wed Apr 16, 2008
Shop for a lender and apply for the loan.
1 vote
Christinapro…, Home Buyer, New York, NY
Tue Jul 21, 2015
I need help to purchase home
0 votes
morgear, Home Buyer, Tucson, AZ
Thu Jul 17, 2014
I have found a property in Arizona for 36,000, but I can't find any one that wants to lend under 50,000.
Any Ideas
0 votes
Josh Barnett, Agent, Chandler, OK
Thu Jul 25, 2013
Just go to you bank and ask for a line of credit. Homes in this value cost too much in financing, this is why you need to ask for a line of credit.
0 votes
Dang, 2008.....whoops.
Flag Thu Jul 25, 2013
Kay Kirby, Agent, San Antonio, TX
Tue Jul 2, 2013
I have worked with a few lenders that will do a loan for no minimum loan amount. I have one that did one for $20,000, so it can be done. Give me a call or email and I can refer them to you.
0 votes
credit score under 550 house we are looking to purchase is $40,000. Any ideas?
Flag Thu Jul 28, 2016
John.allen474, Home Buyer, San Antonio, TX
Fri May 3, 2013
Im trying to buy my first home .. But my credit is 640 and im paying off hospital bill.. ive tried to buy a home for the last 3 years and cant.. Has anyone heard of a USDA loan?????
0 votes
Hi John, I am familiar with USDA loans. Contact me today so I can help.
Flag Mon Jun 3, 2013
S.keehl, Home Buyer, New York, NY
Fri Nov 9, 2012
Shelly, home buyer in magalia ca. I owe 40,000 on my home and need a balloon payment of 7000 to financer. how can I get a down payment? Also wondering if refinancing is wise? Ive been paying 750.00 a month for 8_9 years now on a total of 85,000. Wouldnt refinancing help lower my monthly payments?

Thank you for your time,

0 votes
Kay Kirby, Agent, San Antonio, TX
Fri Aug 31, 2012
I work with a lender that does not have a minimum loan limit and can still give good rates. Email me and I can get you in contact with my lender.
0 votes
Jason Campbe…, Agent, San Antonio, TX
Mon Jan 31, 2011
Cecil... let me help you out with this one..

It is no harder to get a loan for $40,000 than it is $400,000.

Step 1 - Shop some lenders. Let's find out where you stand right now. If you need help with your credit, a good loan officer can help you by guiding you on what to do to fix your credit, or they can usually help you locate a company to help you clean your credit. If your credit is good... they can pre-approve you on your loan.. you will know what rates they will offer, and how much money you will need out of pocket. If your scores are 620 or better, you will only need about $1400 down on a $40,000 FHA loan. * I can prove a few more details if you need them.

Step 2 - Go House shopping!! Easy as PIE!

Now for the shameless promotion: I can help you with all of that.. and it takes no more than about 15 to 20 min tops! Shoot me an e-mail.

Jason C Campbell
Realtor / Mortgage Loan Officer
Keller Williams Realty
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Jan 13, 2010
Robin - I just keep reporting him every chance I get..hopefully Enily or someone from trulia will see it and delete his spam
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Wed Jan 13, 2010
Innowayne, you are posting this same thing all over, and it is spamming. If that person want to answer legitimate questions, and give information, they should do it themselves, and the person reading the post will be able to find them.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Mon Jan 11, 2010
Johnny, if people want to find out information about getting a loan looking at the bottom tiers of this post will almost certainly give information that is WRONG!!!

The financing situation has changed a lot in 2 years. The details given that were right then are not longer valid.

Look at the recent replies, they are all saying contact me. That is the issue. People should not reply to an old post. They should wait for a new post asking a very similar question. Believe me, they will come.

I only have 2 questions about the recent posts.
Are they from people who never look at the dates questions are posted?
Are they helpful or just really a contact me soon so I can do some business kind of reply?

If the person who posted this 2 years ago is not going to be helped by any replies now, doesn't it look unprofessional to reply? I say yes.
0 votes
Johnny James, Agent, Palmdale, CA
Sat Jan 9, 2010
Jefferson do you think it is possible that someone else with a similar question might be able to find help or advice in the answers to the older questions?
0 votes
Yes! Me lol
Flag Wed Jun 22, 2016
Jeff K, Home Buyer, Bristol, PA
Fri Jan 8, 2010
Folks ... Just under the Question is the DATE that it was originally posted. The Cecil profile was used only once - for this question and that was April 2008. I think that we can all let this one go ...
0 votes
Johnny James, Agent, Palmdale, CA
Fri Jan 8, 2010
search the usda site and see if the address qualifies if so you may qualify for 100% financing
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Thu Dec 17, 2009
Cecil... get this.. you're gonna love this since your name starts w/ a "C" cause I've got a couple "C"'s for ya!

It's all about the 4 C's baby!!

Now of course if you don't have any of those four "C"s, then you can always rely on the 5th "C"
Colt 45

But of course if you do rely on that 5th "C", then be prepared to be living in your new home that starts w/ a "C"
Cell as in Prison Cell...

Glad to have broken that down for ya. If you need help. Call a Realtor or Lender that can steer you in the right direction!

Merry "C"hristmas!!
Web Reference:
0 votes
Mr. M Soliman, , Los Angeles, CA
Wed Nov 11, 2009
Take your monthly income multiplied X 60 and see what you get.
That's a quick down and dirty chief. Don't rely on it but try it youll like it....
0 votes
Margaret T.…, Agent, Conroe, TX
Wed Oct 1, 2008
Is this a single family home, condo or manufactured home. If it is a single family home and is only $40,000 you have done some great real estate shopping. Could the house use any updates or repairs. I think I would find a way to spend 20or so thousand on the house and getting a FHA 203K. That is if it is to be your place of residence. Otherwise the bank is your best bet.
0 votes
Joann Cipria…, , San Antonio, TX
Tue May 27, 2008
If you do not want to do what Jim suggests, how will you go about getting a loan?
0 votes
NonRealtor, , 23456
Wed Apr 16, 2008
is that 40K for a downpayment, or is that the price of the house?
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Apr 16, 2008
I am a real estate agent and loan officer I don't service for real estate the San Antonio area however we can provide you a referral and do the loan. You want a home mortgage loan officer that will take inconsideration your long term and short term goals.

You need to be pre-approved prior to submitting any offer on a property,
Web Reference:
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Apr 16, 2008
Check with your Realtor for a referral to a lender or start with the bank or credit union where you do business now. Be sure to ask them if they will make home loans for $40,000. At one time there was a $50,000 minimum loan size, but things have changed so much it might be different now.
Web Reference:
0 votes
Kerri Sawyer, , Weare, NH
Wed Apr 16, 2008
Hi Cecil, Congrats on taking the "correct" first step in the home buying process! My suggestion is that you speak first with your own trusted advisors...friends,family,colleagues. Ask them for a referral, they may know someone in the area who can help you. Your 2nd option,which is equally as effective is to contact mortgage brokers/companies.
Before you start giving out personal information,be sure to contact a few different companies. You want to work with someone you trust and someone who will work hard for YOU. Start a conversation,do some research and choose someone that fits your needs.
The most important thing to know is that you (the consumer) have choices.
Feel fre to give me a call if I can be of any further assistance!
0 votes
Do you need Urgent loan? We give out loan to interested individuals who are seeking loan with good faith. Are you seriously in need of an urgent loan? then you are at the right place. We give out business loan,personal loan, contact us for your loan request to meet your demand and set out from financial us today via email:
Thanks as we await your response
Trust Guarantee Loan
Flag Tue Apr 1, 2014
Search Advice
Ask our community a question

Email me when…

Learn more