2007-07-01 06:10:28 · 7 answers · asked by brewboat 1 in Business & Finance ➔ Renting & Real Estate
Most mortgage companies will not even bother with a mortgage under 50K, your best bet in this instance is a local bank that knows the area, and the property values.
2007-07-01 07:06:23 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
I would think, as long as your credit rating is reasonable and you have enough equity in the property, it wouldn't be a problem, especially if this is a first mortgage. If for some reason you could not pay as contracted, then the property could be sold for more than the amount due on the mortgage.
2007-07-01 06:16:30 · answer #2 · answered by r2mm 4 · 0⤊ 0⤋
Yes. You can do a mortgage at 30k. Conventional lenders such as Chase, Countrywide, WAMU, and Wachovia will all do it. There is a small add on to the rate, because it is lower than 50k, but it is definitely doable.
Contact your local Mortgage Broker or one of the above lenders for a quote, or you can reach us at the below website and one of our consultants will give you a quote.
Good luck.
2007-07-02 11:57:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They would absolutely love it. First or second, this is almost a freebie. As a first mortgage, you can make a case that it is a good idea. I don't agree with it, but you can learn from the debate. Never do a second mortgage. And never say never.
2007-07-01 06:26:30 · answer #4 · answered by Richard F 7 · 0⤊ 0⤋
Yes companies will ! But most Loan officers won't even want to bother with it. It is too small for most loan officers to even consider and since u need a loan officerto get a loan. It is hard. most will not even call u back. Your best bet is ur bank
2007-07-04 09:32:00 · answer #5 · answered by john p 1 · 0⤊ 0⤋
Sure they will. Check out www.lendermagnet.com. They have a number of resources available to you.
2007-07-03 03:15:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
maybe. havent you already asked.
2007-07-01 06:47:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋