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jenmurakami · Joined: 02 Sep 2008 Posts: 1 1.58 Dollars($)

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

jameshogg · Posted: Tue Sep 02, 2008 11:36 pm Post subject:

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

gmakerley · Posted: Fri Sep 05, 2008 10:12 am Post subject:

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.

Guest

George haven't heard from you. please reply

gmakerley · Posted: Fri May 15, 2009 9:16 am Post subject:

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

Guest

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

jenkin7 · Posted: Wed Mar 10, 2010 12:28 am Post subject:

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.

Guest

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.

tfaulhaber1 · Posted: Mon Mar 22, 2010 2:29 pm Post subject:

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.

Guest

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.

sara · Posted: Mon Mar 07, 2011 2:09 am Post subject:

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.

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