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How do I go about first home owners loan?

Hello, I put 15,000 almost 16000 down on my 75000 house. Howe've I could not get a loan to go with it so I recently pay 550 a month. For the next 2 years. Is it possible I can get a loan or something...what are my options here?? by alott0923695 from , California. May 9th 2016 Reply


Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

Sounds like you have a conventional loan, at 80% loan to value; which means you probably do not pay any monthly mortgage insurance. If you are wanting to pull additional cash out, you may find a local bank that might do a home equity line of credit, but doubtful at 100% loan to value. What you could inquire about is a personal line of credit with a "blind deed of trust" as I call it so that you could potentially have the tax advantages of a 2nd type mortgage. You could inquire about this and see what you find out. It would have to be with a local hometown helpful type of bank. They may accommodate! Good Luck

May 9th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed to answer your question.. Did you buy a home under a lease option? Are you looking to buy? Your question is confusing.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 10th 2016
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

Your question is a little confusing. You put money down on a house purchased for $75000 or valued at $75,000 and got a private loan at $550 a month? And apparently that is for two years when you need to have a new loan or pay the loan off in full? It sounds like you are eligible for a conventional loan. If you want to qualify you can contact me via my profile or contact another mortgage broker/banker.

May 10th 2016
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