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I am looking in Detroit. There are great houses in great areas for only $20k. I would like to make my money stretch as far as possible. Where do I find a bank willing to loan only $20k on a mortgage?

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

Or, is there a bank willing to loan to make a bulk purchase of several homes?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think you may be better off gettign a personal loan to buy this 20K house.

Probably you can pay it off quicker than a mortage. But I do nto think any lender out there who will do a home loan for 20K.

The reason being the cost associated in generating a loan and the paper work around it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Lenders would prefer if you can give a 20% down in order to get a mortgage. If you cannot give 20% down, you will have to go for a private mortgage insurance. I don't think any lender would come forward to give you a loan of full $20K.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Adonis I do no think that any lenders would give a mortgage loan for 20K.

As I said above the cost assocaited with financing is too high and the rewards ae too low for them.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

manoj_gopale's picture
manoj_gopale | Joined: February 16, 2009 10:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Apart from personal loan there is one more lucrative option for this problem that is loan against property ( i have assumed that his/her parents have some immovable property)

As [size=24:c59116b3c3]loan against property[/size:c59116b3c3] is the safest option for the lender as it is secured debt against personal loan which is most of the time termed as unsecured loan and thus charged high interest rates.

[b:c59116b3c3]keep in touch[/b:c59116b3c3]!!!

:P :P :P

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

haridas_badhe's picture
haridas_badhe | Joined: May 11, 2009 06:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can get Loan against property so don't go to personal loan it's interest rate is high.And Loan against property is more secure.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:38 | Post subject:

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