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1st time home buyers?

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JLFS912 Guest	Posted: Mon Nov 22, 2010 2:48 pm    Post subject: 1st time home buyers? Like 0 Dislike 0 Me & my fiance are looking for a small starter home & we have found a few for around 30,000$ in North Alabama. The problem is we cannot find anyone willing to loan us under 50,000$. We have been approved for 75,000 but do not feel comfortable with that amount. All the banks we have talked to require a min. loan amount of 62,000$ His credit score is 700 & mine is 680 the only debt we have is his truck payment a total of $14000 & he is paying 300$ month. We were looking at getting married in 2012 but were wanting to have a small home by then however at the rate things are going it doesn't look possible. Any advice or help would be appreciated! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10382 Location: Alaska 976.66 Dollars($)	Posted: Mon Nov 22, 2010 8:32 pm    Post subject: Like 0 Dislike 0 Hi JLFS! Welcome to forums! It is true that lenders will not be ready to give you a mortgage for a smaller amount. In that case, you can contact the private mortgage lenders and check out if they can help you in this matter. However, you should note that private loans are available at a higher interest rate. Feel free to ask if you've further queries. Sussane

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