Foreclosure in 30296>Question Details

Joan, Renter in Riverdale, CA

how can i get a mortgage loan for 15,000-30,000?

Asked by Joan, Riverdale, CA Wed Sep 9, 2009

i want to purchase a foreclosed home in the Riverdale Jonesboro area I dont have exactally perfect credit and cant find a lender that will do a mortgage loan for less than 65,000.

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Answers

4
There is a rule and regulation about High Cost Loans. The percentage of the closing costs of the loans cannot exceed 5% and when you get into a low loan amount the settle costs exceed the 5%...hence committing a high cost loan.

An alternative might be to find a 2nd mortgage lender who could offer a home equity line that will stand in the first lien position. Or a Credit Union who would offer a 1st Mortgage product. They can usually get around some of the intangible taxes.

If you have further questions, please email bobl@communitymortgage.com.

Jodi Smith
Atlanta Real Estate Agent
Keller Williams Realty Consultants – Roswell, Georgia
678-763-6025
jodismith@kw.com
Tweet Me: http://twitter.com/JodiRSmith
1 vote Thank Flag Link Thu Sep 10, 2009
I,m looking to purchase home for 15,000.00. Am a first time buyer, my credit is 580 to 620. I need a lender ASAP
0 votes Thank Flag Link Tue Dec 2, 2014
Maybe check with Wells Fargo and some of the smaller local banks. You may find that they are willing to work with you at this price point now. It may be that you have to look at different loan products like a personal line of credit or secured lines. This may help you achieve your goal NOW instead of waiting several years.
0 votes Thank Flag Link Fri Apr 11, 2014
You can always try your local banks and credit unions for assistance with this. Many lenders do not lend at this price point. Hope this helps. Jerri Sims
Web Reference: http://www.jerrisims.com
0 votes Thank Flag Link Thu Aug 4, 2011
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