Need to earn…find…loan 1-2,000 dollars. Help!?

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So my fiance and I have been looking for a home form months now. The only way we can get 100% financing is through a rural mortgage. Which means it needs to be in a city with a population of 10,000 or less. Unfortunatly our city is HUGE. There are some suburbs but they are 20 minutes to 30 minutes drive which it not what we want. We recently found a home in our city in our price range that we fell in love with. We can get a mortgage but itn has to have 3% down, which is about 4,000 dollars. We can probably come up with 2,000 but we don’t know where to look the get the money. I don’t know if we can take out a small loan for that. Plus we wouldn’t have collateral. (sp?). His one car that is payed off it collateral for his truck and my car is blue booked at only 1,000. So I don’t think they will accept that. Any ideas??? Family is too broke to help out also.

  1. Reply
    Viktor T
    May 2, 2011 at 2:58 am

    Have you tried FHA for FHA loan. If you get pre-approved for FHA there is gift programs where the seller can contribute 6%thoworth down payment and closing coast. You just need to have a job for 24 months, prove income and don’t have to have passed due accounts.

  2. Reply
    May 2, 2011 at 3:55 am

    A loan would not help – the bank giving you the mortgage wants to make sure you have the money already in the bank. Some banks will require the money to be “seasoned” (in your bank account) for a minimum amount of time – from one to three months. In addition, any loan you take out will be counted as part of what you owe for the purposes of determining how much mortgage you qualify for; and if you get a loan and it shows up on your credit it can drop your credit score, which could cause you to no longer be eligible for the loan you are looking at.

    If the bank does NOT require the money to be seasoned, you can try a few things to get $ 1K-$ 2K. 1) Sell anything that you do not need, either on eBay or Craigslist. 2) Both of you take part-time, second or night jobs for a month or two. 3) Take the money out of your 401(K) or IRA. There are some rules (sorry, not a CPA) that will allow you to do so without penalty for the purpose of purchasing a home. 4) Look for first-time homebuyer down-payment assistance programs in your area (e.g. Nehemiah) where a non-profit organization can work with the seller to “grant” you the down payment. There are also other city-based or county-based programs where you get a “second mortgage” that is forgiven over time (usually about 5 years) if you don’t sell the house that can help pay for down payments and closing costs.

    Don’t forget you will also have closing costs; you can ask the Seller to contribute to those.

    Also, please consider very, very carefully if you should buy a house right now. If you don’t even have enough for the down payment, will you be able to make the monthly payments? What if the furnace burns out? The washer? If your car breaks down? If you get sick? If one of you loses their job? It’s best to have SOME money (preferably up to 6 months of living costs) in a safe account before you take on such a huge responsibility.

  3. Reply
    May 2, 2011 at 4:18 am

    If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages thatyou can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

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