need to know how to get a mortgage loan for less than 40 thousand with less than perfect credit?

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  1. Reply
    February 19, 2011 at 4:00 am

    Friends and family. Lenders aren’t mortgaging at amounts that small with perfect credit/

  2. Reply
    Doctor Deth
    February 19, 2011 at 4:27 am

    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

  3. Reply
    Sharon T
    February 19, 2011 at 5:12 am

    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.

  4. Reply
    Ryan M
    February 19, 2011 at 6:11 am

    Most lenders will not provide a mortgage for less than $ 40k. Houses that cheap are generally not a good investment for the bank.

  5. Reply
    February 19, 2011 at 6:12 am

    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.

  6. Reply
    February 19, 2011 at 6:45 am

    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.

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