Mortgage loan for house under 50k...please help!!!?

I'm a first time buyer and I want to buy a house in the 20-30k range. I found one my husband and I LOVE for 27k! Problem is my realtor is saying I cant get a mortgage loan for under 50k. She is saying take out a personal loan but our payments per month would be too high for us. So is there anywhere I can get a mortgage loan under 50k??? And if so could I have a cosigner? Because we have no credit lol

Please help,

TIA!

6 Answers

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  • 8 years ago
    Favorite Answer

    $50,000 is the smallest amount. Borrow it from a relative and pay them back. You could pay them more interest than what they'd earn in the bank, and you can secure the loan with the property.

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  • najrin
    Lv 4
    3 years ago

    Mortgage Loans Under 50k

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  • 8 years ago

    There are places that make loans for under 50K. Try a credit union in your town. Try and avoid the higher fees though because percentage wise these could get to be pretty steep. Another option that would be tricky but possible is to use an IRA. if you have a IRA you could withdraw the funds, purchase the property, take out a home equity loan, then put the IRA back in a different account. If you could do this within 60 days you would not have any penalty. If you have a 401K you might be able to borrow from that as an option. You could raise cash from other types of loans and then later try and take out a home equity loan. Just chech with a bank ahead of time to make sure what the qualifications are and you probably are only goign to get up to 60-80% of the home value so you will have to finiance the rest with something else.

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  • Audy
    Lv 6
    3 years ago

    For Credit and finance solutions I recommend this website where you can find all the solutions. http://personalfinancesolutions.info/index.html?sr...

    RE :Mortgage loan for house under 50k...please help!!!?

    I'm a first time buyer and I want to buy a house in the 20-30k range. I found one my husband and I LOVE for 27k! Problem is my realtor is saying I cant get a mortgage loan for under 50k. She is saying take out a personal loan but our payments per month would be too high for us. So is there anywhere I can get a mortgage loan under 50k??? And if so could I have a cosigner? Because we have no credit lol

    Please help,

    TIA!

    Follow 5 answers

    Source(s): For Credit and finance solutions I recommend this website where you can find all the solutions. http://personalfinancesolutions.info/index.html?sr...
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  • ?
    Lv 7
    8 years ago

    Your realtor is correct, mortgage lenders do not make loans for less then 50k. No profit for them

    You either take a personal loan, borrow from family or save for two years.

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  • 8 years ago

    Have you approached any banks that are their own entity, like a local community bank that isn't a part of a national "chain?"

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