Is there anyone in the DFW area who will do a mortgage for under 30k?

Asked by Lewis Caudill, Grand Prairie, TX Thu Feb 21, 2013

What options other than cash, do I have for purchasing a home around this price? I have seen several houses in areas I would like to purchase a home that are less than 30-40k, but I have heard it is very difficult to find a lender for those amounts.

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6
Dixon Wong, Agent, Dallas, TX
Tue Feb 26, 2013
Hi Lewis,

There are some private lender out there and also you should contact local unions.

Dixon
Realtor
http://www.findyourtexashome.com
0 votes
John Walin, Agent, Libertyville, IL
Tue Feb 26, 2013
Be prepared to have HUGE rate premium, I bet its not going to be under 4%, I would be curious too, will it add 2 or 3% to the best rates we see advertised?
0 votes
Ted Esquibel, Agent, Austin, TX
Tue Feb 26, 2013
Lewis,

We offer loans down to $10,000. We require 35% down, but it's a no document loan that's fast and easy. No pre-pay and no balloon payment, so you can keep it as long as you want or get out of it by refinancing or selling once the property is fixed up. I'd love to take a look at any pending deals that you have. We don't underwrite you as a buyer and don't care about the condition of the property so long as it appraises for the purchase price on the contract. We can close in 7-10 days with no contingencies so you can still compete with the cash buyers and close fast. Please give me a call or send me an email for more details, let me run the numbers for you and see if it makes sense.

Thanks,

Ted Esquibel
512-334-1481
ted.esquibel@econohomes.com
0 votes
Monica Pineda, Agent, Dallas, TX
Thu Feb 21, 2013
There are a few Hard Money and private lenders that will do small loans like that, but as Michael mentioned, it probably would not be cost effective. Do some research and make some phone calls, you might get lucky and find a decent lender. Good luck!
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Thu Feb 21, 2013
I agree with Michael. However, call any lender of your choice and find out.

Kenny
Turtle Creek Realty
0 votes
Michael Brow…, Agent, Allen, TX
Thu Feb 21, 2013
May not be cost-effective!
0 votes
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