Asked by John Homes, Baltimore, MD • Sat Apr 19, 2014
Are rates all the same? The house I am looking to purchase is listed for $25K. If I could get it for less than that, let's say $15K (is this realistic?), I can pay for down payment with no problem (even if it's $5K). The loan I am looking to get would either be short term, 5 or 7 years. Should I opt in for the 15 year fixed rate? Is there even a bank that will loan for a house that cost $25K?
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