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?
Private investor/private lender
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.
Try a credit union. Or ask the current owner(s) where they got their financing. If applicable.
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