Forgotten Your Password?

Need to Register?

Question Icon

can you get a mortgage loan for a purchase price of $30000

by deonnacumpton941 from Memphis, Tennessee. Oct 3rd 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

Because of new laws, most mortgage brokers cannot do small loans. We're capped at 5% ($30K x 5%= $1500), or $1500 on a $30K loan. .. the cost of doing one is greater than the fee that is allowed to be charged for the service, so we could not do this small of a loan. Your local big bank on the other hand is not bound by the same rules.. they are allowed to charge you more, making the small loan profitable.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 3rd 2013
1
0
Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,721 contributions

For most non-bank lenders, based on current regulations, we will not loan below about $50,000. On the other hand, most banks will lend for that small of a loan amount. Good luck!

Oct 3rd 2013
0
0
Anthea Emerson (AntheaC2)
#215 ranked lender in Florida - 57 contributions

You might also want to look into Credit Unions and Private Lenders in your area. Good luck!

Oct 3rd 2013
0
0
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 221 contributions

I would suggest going to a local bank there in Memphis. The amount is so low that because of current regulations would not be able to do it. Good luck!

Oct 3rd 2013
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

It's possible but a challenge because many of the fee's are the same regardless of loan amount so it looks like you are being charged too much. We do not have a minimum loan amount. If this is a single family home (not a mobile home) in good condition your best bet may be a local credit union or locally based bank that has a reduced fee program. My guess is that you may need to put 5-10% down but that may be similar to what you'd need for such a small loan to cover the closing costs.

Oct 3rd 2013
0
0
Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I agree with the advice of using a local bank or credit union. Best of luck to you.

Oct 3rd 2013
0
0
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

If you have a fico of at least 650, i have someone that I can refer you to.. email me at yourloanpartnerforlife@live.com they prefer a 680 fico score, but , it can be workable it is a alternative to a loan. it is not hard money .. they have helped 3 of my borrowers.. linda

Oct 3rd 2013
0
0
Sarah N. Montes (TXPRIDE)
#185 ranked lender in Texas - 18 contributions

Signature Loans Available with Local Smaller Banks.

Oct 11th 2013
0
0
Subscribe to our news feed.