How to get a Mortgage Under $30,000.?

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Okay, we just started looking for homes in are area, the west side of Dayton, Ohio. We’ve ran across several homes under $ 30,000 when we go to inquire about the homes the realtors all say the same thing that mortgage lenders won’t lend money for homes less then $ 30,000. They don’t really bother to give any other options besides paying cash, which we do not have. I have good credit, he has semi-good credit and we have $ 2,200 saved. Does anyone have any idea how to get a home loan for $ 20,000 through $ 30,000?

4 Comments
  1. Reply
    wizjp
    February 2, 2011 at 11:35 am

    Private investor/private lender

  2. Reply
    BigMac
    February 2, 2011 at 12:05 pm

    Talk to your bank.

    It’s not worth if for a mortgage lender to issue a mortgage for that small an amount. A $ 30,000 mortgage would result in monthly payments around $ 100-$ 200, depending on the interest rate and amortization period. The net cost to you is probably going to be around $ 60,000 over the life of the mortgage, so really, it’s not worth it for you either.

    Talk to you bank, and try and take out a personal loan. You’ll pay a higher interest rate, and have to pay it off in a shorter period of time, but you’ll pay less in the end. If you’re credit is decent and you’re both working, you should be able to pay $ 500-$ 1000 a month. You’ll own your house outright in 5 years.

  3. Reply
    Kris
    February 2, 2011 at 12:07 pm

    Try a credit union. Or ask the current owner(s) where they got their financing. If applicable.

  4. Reply
    Mrstency
    February 2, 2011 at 12:56 pm

    Hello, my name is Mrs tency lapard i saw your question on how to acquire a loan, that’s why i decide to refer you to this legit lender that help me some time ago, you can contact him on; davidsonloanfirm88@yahoo.com

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