Where do I apply for a $50,000 mortgage in Oklahoma?

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The house we want is 50,000, and every place I apply for won’t finance me for that amount, who will finance that little amount of money for a home loan? I live in Oklahoma City, Oklahoma.

  1. Reply
    Ryan M
    February 17, 2011 at 9:49 pm

    I do not know of any bank that will take on a mortgage that low. Generally houses that low are too much of a risk for banks. Houses that low make terrible assets and investments as there is a reason why the house is that cheap.

  2. Reply
    February 17, 2011 at 10:31 pm

    If you have a long term relationship with your personal bank, maybe approach the loan manager about a personal loan rather than a mortgage.

  3. Reply
    Janet P
    February 17, 2011 at 11:19 pm

    Go to one of the tiny local banks. They will expect 20% down, so you will only be borrowing 40k for the house. Regular banks do not do micro-loans for something long term. You might try a personal loan though, it would be 10 years instead of 30.

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