Mortgage loan websites say I can’t get loan?

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Most of them tell me that they don’t offer home loans for under either $ 75,000 or $ 100,000. The house I’m looking at is $ 40,000 and I NEED a loan to buy it…there is no way I have that much cash laying around…where do I go from here?

Lending Tree is one example. Which sites have you gone to in order to be contacted by a mortgage company?
I am not looking for a loan. That was not my question. I am getting an idea of what the most popular mortgage search sites are.

  1. Reply
    January 22, 2011 at 9:53 am

    Go to your bank, or credit union.

  2. Reply
    January 22, 2011 at 10:42 am

    $ 40,000 is not much of a house. Sounds like it needs a lot of work if it is a site built instead of a modular or mobile unit. You can approach the owner and ask to buy it on land contract directly through them. You can sometimes get the bank to approve the higher loan if you submit licensed contractor bids showing repairs and imrovements equal or above the bank’s minimum. If you go this route, you must commit to using these contractors to do the work so money can be divided out to them in a draw or at closing. Just a note though, insurance on low value homes is usually hard to find if they are in need of repair. Do your shopping first because any mortgage you get will require you to carry insurance. Good Luck in finding your mortgage.

  3. Reply
    January 22, 2011 at 11:23 am

    then why waste your time online – there is a world outside, you know – go to your local bank or broker

  4. Reply
    January 22, 2011 at 12:10 pm

    You should contact a local mortgage broker in your community that know more about your area than someone that is on the computer and know nothing about your neighborhood.

    In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

    Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

    He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

    The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

    When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

    #1 One month of pay stubs for each person that will be on the mortgage.

    #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

    #3 Two years of federal income tax along with the W-2 that match.

    Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

    Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

    Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

    If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

    You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

    Make sure your mortgage broker explain all your options so you may make an intelligent decision.

    What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

    So select the best option for you and your financial situation.

    You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

    Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

    Your mortgage broker will now order an appraisal to show proof of the property value.

    The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

    After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

    Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

    I hope this has been of some use to you, good luck

    “FIGHT ON”

  5. Reply
    Jim B
    January 22, 2011 at 1:04 pm

    Here is one to look into for a Mortgage

  6. Reply
    January 22, 2011 at 1:58 pm

    I did Lending Tree once years ago, I will never do that again. It took a LONG time to stop the junk mail and phone calls. And the deal we got was full of bogus fees, we had to refinance out of that mess in a hurry.

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