will a bank loan as little as 15000 for a home loan?

Asked by cmjisok50, 45107 Sun Jan 12, 2014

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Sun Jan 12, 2014
Maybe on a home equity loan or equity line of credit. The only other possibility would be if you were to consider a rehab loan. The streamline (up to $35k in repairs) probably wouldn't even work. It'd probably have to be a full FHA 203k loan. Meaning you could borrow up to 96.5% of the after repair value (providing the max loan amt calculations allow for it). -- The reason is that we have to meet Section 32 (or otherwise considered High Cost Loan) restrictions as well as the QM (Qualified Mortgage) rules that were just imposed which limit the points and fees allowed on mortgages. It makes it near impossible to "lend" (not purchase price) less than $50,000 or even $60,000. If you might have any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson. Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.
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thank you
Flag Mon Jan 13, 2014
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