kowkooker asked:
i live in missouri i’m moving to st. louis city to a house for 25,000 and i want to barrow 25k at five percent fha first time home buyers and all that shit i’ll get 2,500 at the end of the year for first time home buyers tax credit i know all that but what lender will loan me a first mortage of 25k? golden oak lending told me nothing under 60,000. what’s the deal? who should i call? i’m supposed to get 25k lent at 5 percent for 30 years fixed. but i can’t seem to find by who….do you know what i should do?
i’ve excellent credit i’m single with no kids and i work full time.
and i’ve a down payment. i don’t wanna say how much. they’ll wanna take me for all i got! and i wanna conserve incase shit happens
Don
i live in missouri i’m moving to st. louis city to a house for 25,000 and i want to barrow 25k at five percent fha first time home buyers and all that shit i’ll get 2,500 at the end of the year for first time home buyers tax credit i know all that but what lender will loan me a first mortage of 25k? golden oak lending told me nothing under 60,000. what’s the deal? who should i call? i’m supposed to get 25k lent at 5 percent for 30 years fixed. but i can’t seem to find by who….do you know what i should do?
i’ve excellent credit i’m single with no kids and i work full time.
and i’ve a down payment. i don’t wanna say how much. they’ll wanna take me for all i got! and i wanna conserve incase shit happens
Don
Stephanie
Here’s your problem – at a small mortgage loan amount, and because of lending laws preventing lenders from charging over a certain percentage of the loan (varies by state), a lender can not easily make a profit on a loan of that size, and in many cases would lose money – so, they will not offer under a certain dollar amount.
One solution, if the house is worth more, is to get a higher loan amount and then simply prepay down to the level you want. The problem with this is that the value has to be there, and the payment will remain higher than it would be with the smaller loan.
Assuming, from what you are saying, that the house is only selling at $25,000, then the only way to get that amount would be from private funds or a small local bank or credit union. Find out from the seller who their loan is through. If it is a manufactured home – there are specialty lenders for those. Or, if the house needs repairs that you can roll those costs into a higher value loan, then FHA may be able to help you if it is high enough.