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Need Source For Mortgages under $50k

Posted on: 21st May, 2012 09:03 am
Here in Ohio there are more and more ready to move in homes coming on the market under $50k. A three bed brick ranch was listed a few weeks ago at 24,900 my friend offered the full price but could not find a lender willing to write "such a small mortgage". I was surprised the bank was allowed to have a low limit for mortgages. (Is that legal) How can we facilitate lenders to make loans with these depressed prices?
Hi BruceDK!

Welcome to forums!

It is true that most of the lenders won't be ready to offer you a loan for such a small amount. There is nothing illegal in this. Nevertheless, you can contact your lender giving loans for private property and check out if you can get a loan from them in order to buy such properties.

Feel free to ask if you've further queries.

Sussane
Posted on: 21st May, 2012 08:10 pm
Welcome BruceDK,

This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this regard. This will also help you know what type of rate and term you may qualify for.
Posted on: 22nd May, 2012 08:47 pm
Definitely this is shocking news that bank provide you mortgage for this small about and I have seen that generally mortgage brokers who are from long time in this industry don't provide mortgage for this small amount due to less profit while new mortgage broker will provide you loan even for this amount.
Posted on: 14th Jun, 2012 06:20 am
As the smithsussane said it is difficult to get mortgage loan is such a small amount as no lender would interest in such kind of small deal as they have to follow long process as follow in big deal.
Posted on: 16th Jul, 2012 11:18 pm
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