What Criteria is generally needed to get a mortgage loan and buy a home?

Asked by Joshua Brown-culp, Atlanta, GA Wed Mar 2, 2011

I'm a 19 year old male.
What sort of savings, earnings, and other things will I need?
I'm looking for a 20,000 dollar loan, to buy a 19,000 dollar home.

Example: Co-signing, credit score, etc.

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Jonathan Cun…, , Atlanta, GA
Wed Mar 2, 2011

You should contact a mortgage loan officer. Every loan is evaluated individually and a loan under $30,000 may be subject to high cost restrictions, so you will want to address that upfront.

I would be happy to help you if you have any questions.

Thank you.

Jonathan Cundiff
Mortgage Consultant
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel 404-610-1011
Fax 877-302-9968
1 vote
Michael Hamm…, Agent, Suwanee, GA
Wed Mar 2, 2011
Generally speaking, Joshua, to obtain a mortgage you need to be able to prove you can pay the lender back. Your FICO, credit history, proof of income, down payment and some liquidity are what most loan officers are seeking in order to determine whether or not you can get an appproval. Please consider contacting one of the lenders below for loan options with your situation. If you have any questions for me on housing, please call or email and I will be glad to share my thoughts with you. Good Luck!

Michael Hammond


Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462
Email: Jay.Posey@mortgagefamily.com

Chuck Ewing
Senior Mortgage Consultant
First Century Bank, N.A.
620 Hembree Parkway, Suite 100
Roswell, GA 30076
770.241.1700 Direct/Cell
678.623.0960 eFax
1 vote
Dasia.shaw, Home Buyer, Atlanta, GA
Sun Jul 23, 2017
What do you need in order to get a loan
0 votes
lewisharry_l…, Home Buyer, New York, NY
Tue Nov 10, 2015
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Thank you and God bless
Mrs.Caro White
0 votes
Kola70, Home Buyer, Los Angeles, CA
Sun Oct 18, 2015
Most likely your annual income and credit history/score
0 votes
Chrisbarrylo…, Home Buyer, New York, NY
Sat Oct 17, 2015
Are you in any kind of financial difficulties? Do you need a loan clear your debts? Are you a business man or woman in need of funds to expand his/her business? If yes the contact us for a fast and affordable at a very low interest rate of 2%, for more information kindly contact us via email: chrisbarryloans@hotmail.com

We anticipate of your interest, thanks in advance.
0 votes
Jeri Patrick, Agent, Pooler, GA
Tue Jun 16, 2015
Please feel free to visit my website jeripatrickteam.com I have lender information on there. Best of luck
0 votes
Johnson Real…, Agent, WALLACE, NC
Fri May 1, 2015
You may want to check with Credit Unions, or a small local bank. Often they will do low amount loans . Some lenders require a minimum some as much as 50K. You will still need a good credit score. Also consider borrowing against a vehicle or another property as a credit line.
0 votes
Global.int.l…, Home Buyer, Los Angeles, CA
Sun Jan 26, 2014
DO YOU NEED A PERSONAL LOAN? If yes is the answer to the above question you can contact us today at G-L Finance ltd with this email; global.int.ltd1@gmail.com

G-L Finance ltd offer loan at an interest rate of 3% we offer both secure and unsecured.

G-L Finance ltd the right choice
Email: global.int.ltd1@gmail.com
0 votes
davidwbrower, , Woodstock, GA
Wed Mar 2, 2011

First let me say, "way to go!" I like the way you are thinking. I bought my first home when I was 18 yrs. old. I sold it two years later and made enough money for two years of college tuition. You are thinking well and this is the best time to buy a home.

As far as obtaining a loan of that amount, it might be difficult to get that amount from a traditional lender. The cost of them doing the loan outweighs what they can charge to do a loan that small. I don't have any recommendations for a lender, but there are plenty below in the thread. If you can't obtain a loan from a traditional lender, your bank, or a credit union, you might want to try to find a hard money loan. This is where someone with that kind of money in cash would lend it to you. Rates are pretty high, but won't effect a payment that bad on a loan of that amount. Keep in mind that a home for $20,000 will most likely require a lot of cash to put into repairs to make the home livable for you, assuming you plan on living in it. Good luck and if I can help in any way, contact me through my info on this site. I hope it works out for you.
0 votes
Carmen Gutie…, Agent, Marietta, GA
Wed Mar 2, 2011
Hello Joshua,
Like the previous answers have said, get a loan officer to check your credit first. Before you go meet with one get your last 2 months bank statements, pay stubs and last 2 years income tax returns. Not all lenders make home mortgages for that little money so tell them upfront how much you are going to need.

If you are looking to buy in Cobb County I can help you find a good deal.

Short Sale & Foreclosure Resource
0 votes
Jude Rasmus, , Atlanta, GA
Wed Mar 2, 2011

I want to let you know that we have many houses under $19,000. We'd love to help you find a great one. We also help with Property Tax Appeals. Like us on Facebook and we can also connect and give you advice through this process, even if you don't buy from us!
Web Reference:  http://on.fb.me/hjc8IY
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Mar 2, 2011
You are of legal age, but you would need to meet all the lenders requirements in order to get the loan. In the case you describe, you would be putting 5% down, wanting a 95% loan. In theory an FHA loan would consider this. You'll also need closing costs, which can be paid by you, the seller in place of a discount or the bank through a higher loan.
One other thought, if the home you want to buy is a mobile home, you'll need more down payment. Mobile or Manufactured homes fall into a different set of lending rules than conventional homes built on site. You'll need more down payment and pay higher rates.
Start by talking to you own bank first to see if you qualify. Best of luck.
0 votes
, ,
Wed Mar 2, 2011

For this property, you will need to have a 3.5% down payment which means you must have $665 for a down payment. So your loan amount would be around $18335. Additionally your credit score will need to be 640 or higher. Finally your income, assuming no other debt, would need to be around $1500 a month. I would not think you would need a co-signer on a loan so small.

Let me know if I can help further.

Timothy Brown | President
Academy Residential Mortgage, Inc.| academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes
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