is it hard to get loans on for first time buyers on property that has a average cost of about $30,000 and where do i get info on this if yes

hud/foreclosure property..we are a new couple and looking to make a new start.Want to start of with something that is fairly cheap..lol..and we find that there are some decent buys for around $30,000 so we want to build from there
(0) | asked by: Matthew Whitmore | share | 73 months ago | Report

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answer by Vickey Wachtel    |   Contact Me
As bobbie has stated Banks don't want to deal with loans under $40,000. that doesn't mean you can't get a loan all together. You might try your bank or credit union. There is also Hard money out there, that is individuals who loan their own money, they charge a higher interest rate to make it worth their while. Be careful and have an attorney check it out to make sure you are protected.
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73 months ago  |   Report   |   share
Unfortunately, it is hard to get a mortgage for less than $50,000, because the bank or mortgage company will not make enough from the deal to cover their time and expenses in processing the loan. You should start by checking with your bank, or the seller may be willing to owner finance.
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73 months ago  |   Report   |   share
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