what lenders do mortgages under $20,000.00

Asked by Jaric, Atlanta, GA Mon Jun 11, 2012

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12
, ,
Mon Jun 11, 2012
Bruce is right. Hard money is private money. That's basically what the $20k loan is that I was referring to. You'd be looking at a 15% interest rate with 20% to 40% down (depnds on zip code, condition of property and time to paying it back. You'll have about 6 months to a year to pay it back. If your credit is below 680, most credit unions will not help you. Another option is owner financing where someone can lend you the money in cash and you pay the down payment of $6000. The title is in your name but the lender is a person instead of a bank. Rates can be as low as 6%. The main focus of this type investor is not so much the annual rate, rather the pay off. It may be $5000 fee for the $14000 loan.
1 vote
, ,
Mon Jun 11, 2012
Honestly? No one is going to lend you $20k. I don't care who doesn't have minimums or who doesn't care about going to jail to do your loan, ain't nobody gonna do your loan for $20k. At least not a bank. Put yourself in the place of the loan officer. Would you spend 30 days and countless hours of writing letters of explanations and babysitting a loan for $150? I get paid more babysitting dogs!
I'll lend you $20k and you can pay me back. Here's the catch though, the property needs to be worth at least $40k as-is.
1 vote
Thats not True, I have worked with Hard Money Lenders in Mobile County Alabama, and I just talked with them Last Friday. As a Matter of FAct, I refinanced the Loan after 2 years of Excellent Payment History and increasing the Property Value,.. But IT IS NOT TRUE... THERE ARE 100% Lenders out there. I lived on SSDI and it was a WIN WIN for BOTH PARTIES, They are Wonderful People. Some call them Slum Lords, but, hey, Its a Big Risk they are taking.:Lots of Paper Work , ha, not as much as a regular Lender. But they ARE THERE!!!
I just got a 100 % Hard Cash Loan with Zero Down in SW IOWA and in EASTERN MISSOURI
Flag Mon Aug 7, 2017
THAT WOULD BE GREAT I HAVE A PROPERTY WITH 2 HOME ON 3 ACRES I NEED 18000.00 TAX VALUE IS 38000.00 LOCATED IN SC CONTACT ME AT bigdogt68@yahoo.com THANK YOU WILLING TO DO SHORT TERM.
Flag Tue May 9, 2017
I need $25,000 to Buy a Property Valued at $86,000.. Can pay $5000 Down and $500 a month.. Help Me!!!
Flag Tue Aug 9, 2016
your wrong First bank of America will finance 20,000.00 even on an older mobile home..
Flag Mon Mar 16, 2015
I have a property I would like to purchase for $22000.00 with a value of $52000.00 as is will you hold a private mortgage for me??
Flag Wed Jul 31, 2013
Lee Taylor, Agent, Decatur, GA
Mon Jun 11, 2012
Why?

Really, why?

Talk to Peachstone Capital - they are local. See the web reference - very matter of fact, hard money loans from a reputable local guy.

I doubt that capitalone.com is lending an amount that small. I don't care enough to look it up and verify that.

Most lenders can. Most lenders won't, because a loan that size is not profitable for them.
1 vote
Dominique Wi…, , Clovis, CA
Sat Jul 28, 2012
Is it for investment property? We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
559-375-2512
0 votes
Bruce Ailion, Agent, Marietta, GA
Mon Jun 11, 2012
Jaric,

Your best bet will be a Credit Union. There are many credit unions that have almost open enrollment.
If not hard money lenders will lend you less than you need at a higher interest rate than anyone should be willing to pay.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes
Bruce Ailion, Agent, Marietta, GA
Mon Jun 11, 2012
Jaric,

Your best bet will be a Credit Union. There are many credit unions that have almost open enrollment.
If not hard money lenders will lend you less than you need at a higher interest rate than anyone should be willing to pay.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes
, ,
Mon Jun 11, 2012
At Prospect Mortgage, we do not have a minimum loan amount, except for renovation mortgages. All Renovation Mortgages do require a $50K minimum loan amount. While other loan programs do not have a set minimum loan amount, all mortgages must pass the various Federal and State fee compliance tests for predatory lending. Generally, loan amounts under the lower $30K's will not pass those required tests.

To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
21st Mortgage will lend on a mobile/manufactured home for $20,000 & up
Flag Thu Oct 5, 2017
Arthur Best, Agent, Duluth, GA
Mon Jun 11, 2012
Wells Fargo and any hard money lender for invenstment properties.
0 votes
Donna Newman, Agent, Covington, GA
Mon Jun 11, 2012
My contact at Bank Of America said they can do loans for under $20,000
0 votes
Really? FHA and conv? Most banks barely want to talk about anything under $50k much less $20! I think that is great, as long as the buyer understands the other cost involved on a home at that price. Does BofA have a program or is this an exclusive connect?
Flag Mon Jun 11, 2012
Felicia Port…, Agent, Atlanta, GA
Mon Jun 11, 2012
A home under $20k in going to cost at least $10-$20k to fix up. If you have the cash to fix up you mine as well buy the home cash. You will have a better chance at getting a loan for the repairs on a home you own free and clear. If you can't afford to do that then it may be best to wait and save more money.
0 votes
Donna Newman, Agent, Covington, GA
Mon Jun 11, 2012
The best place for the buyer to start is by contacting their local bank branch or credit union. They already have an established relationship with them and their lending requirements, being in house, may allow a loan of that amount. I have heard that Wells Fargo (may) make loans that low if certain criteria is met. Best of Luck ~~
0 votes
Kevin, ,
Mon Jun 11, 2012
http://www.capitalone.com they can have you a answer in 60 seconds and INTEREST Free for one full year!
0 votes
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