How or best place to get a 40,000 personal or secured loan with good credit.?

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It is for a condo that FHA is Not avail, so can not get a conv. mortgage and the loan points add up(in FL) as to make it not available for a mortgage, its priced too low. Any suggestions?
I have spoken to a mortgage lender, broker and wells fargo. They say it can not be done thru a conv. mortgage.
i guess there are new rules…20% down which would make the mortgage 32ish…i think that was the reason.?

  1. Reply
    Sharon T
    May 19, 2011 at 12:52 am

    Try Suntrust. They may have a loan that will work for you. Also try small local banks and/or credit unions.

  2. Reply
    May 19, 2011 at 1:39 am

    Just because FHA isn’t available doesn’t mean you can’t get a conventional loan.

    A $ 40K personal loan just isn’t going to happen. Secured, maybe, but with what? The condo? A loan secured with a dwelling is called a mortgage. And even if you COULD get a loan other than a mortgage for the $ 40K, the interest rate would be enough higher than mortgage rates to more than pay the points.

    Talk to your bank or credit union to see what options you have.

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