Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Home loans under $50,000

With the plummeting cost of homes in Michigan, why can't I find any lender who deal in loans under $50,000?

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jenmurakami,

What's your property value? and how are your credit score and income? Did you pre-qualify with a few lenders? you need to ask the lenders as to why they aren't ready to offer you loans worth less than $50,000. May be it's because of your credit profile or property value that lenders aren't interested to provide loans under $50,000.

Thanks

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i find it hard to understand you'd not be able to find a lender to help you. i know that our lending guidelines would allow such a loan.

there are lenders all around the country that are nationwide in scope who would be willing, i imagine, to grant a loan to you below that $50K threshhold.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

George haven't heard from you. please reply

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i apologize, martha. it's been an extremely busy week. i will get back to you this afternoon.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I AM HAVING A PROBLEM FINDING A LENDER THAT WILL LEND UNDER $50,000 IN NORTH CAROLINA. ANY SUGGESTIONS?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MS,

If your credit is good and if you have sufficient income to afford the monthly payments, you should be able to get a loan under $50k. There are lenders in this community. You can go for a no-obligation free mortgage consultation with them and check out if any of them can offer you a loan of less than $50k. In case they do, they will check your credit, income and other required factors and will let you know if you qualify for the loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have recently found that most lenders won't issue a loan for anything under 80,000 because of the percentage that they earn. It's not enough money for them to pay for their employees and the paperwork. I've been told that you need to find an investor not a mortgage broker. Working on that part myself. Good luck to you.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As George said earlier, you should be able to find someone. My guidelines as well allow for a 50K loan. Do your research. You'll find a lender soon.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Its crazy. They are willing to make me a loan of 500K that I can t pay backeven with 2 jobs. But they will not make me a loan of 50K That i could pay back even if I lost my Job. Now I can take a personal loan at 3 time the rate.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Charlie,

It is difficult to get a under 50k mortgage. Lenders are, generally, not ready to offer you a loan of such a small amount.

Take care.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need to find refinancing for a small amount. My credit is poor but I have two years of spotless payments and utilities. Is there anyone in Florida to help?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi david,

Though you have spotless payment history for the past 2 years, you have a poor credit. With a poor credit, it won't be possible for you to qualify for refinancing. You will have to improve your score and then apply for a loan. You can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Page loaded in 0.324 seconds.