I'm looking at a 55,000 loan on a small house in Texas. The place is in great shape, will I be able to get a loan on this because of its low price? I bank with Wells Fargo?
Regards,
Chris
2006-11-01 17:09:41 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You should. Real Property is Real Property. The danger could arise if the property was overpriced.
2006-11-01 17:13:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Many mortgage companies do not like to do loans under $100,000.00. Those that do will charge you the same as if it were a larger loan. I think Wells Fargo is a good place. You have to look at the appraisal value of the house and the type of loan that you want. There are different options as to the type of loan and it depends on how long you plan to live there and how much you have to put down. But Wells Fargo is a national bank and I think a rather honest place. Beware of the mortgage companies and mortgage brokers.
2006-11-01 17:33:53 · answer #2 · answered by tonks_op 7 · 0⤊ 0⤋
Chris- As long as the House appraises for what the purchase price is you will be fine. The interest rate will be adjusted according to the loan amount!! Good luck!
2006-11-01 17:29:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Totally depends on the appraisal - If the house appraises for more than $55K & your income will support the payments, no problemo, but if the appraisal is less than $55K . . . (and I've never heard of a minimum loan level, just maximums)
2006-11-01 17:20:11 · answer #4 · answered by kate 7 · 0⤊ 0⤋
depends from company to company but most companies will approve you on basis of your credit
2006-11-02 00:57:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋