I got 3 loans for real estate under 23,000 each in the last 2 yrs – one for land, 2 for rental properties in a depressed area and both houses are nicer than my $ 150,000 house
Your best bet is to have the seller finance the purchase but that is only possible if the property has no current mortgage since most contain a due-on-sale clause.
First mortgage or refinance? What is the value of the house? Banks and credit unions have to loan money to make money. You may just need to pay a higher interest rate. Try for a home equity line of credit at a few places.
Friends and family. Lenders aren’t mortgaging at amounts that small with perfect credit/
put 20+% down payment
I got 3 loans for real estate under 23,000 each in the last 2 yrs – one for land, 2 for rental properties in a depressed area and both houses are nicer than my $ 150,000 house
Your best bet is to have the seller finance the purchase but that is only possible if the property has no current mortgage since most contain a due-on-sale clause.
Most lenders will not provide a mortgage for less than $ 40k. Houses that cheap are generally not a good investment for the bank.
You won’t. The subprime mortgage market is very tight, even if you had perfect credit.
Mortgage lenders just aren’t dealing with people with poor credit. That’s 2 strikes against you.
First mortgage or refinance? What is the value of the house? Banks and credit unions have to loan money to make money. You may just need to pay a higher interest rate. Try for a home equity line of credit at a few places.