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Mortgages beneath $100K (PMI, loan officer, rate of interest, 2013) – Lenders, loans, financing, charges, foreclosures, short-sales, brokers, credit score rating, deed, lien, refinancing, debtors

 

12-26-2012, 01:55 PM

 
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Has anybody ever taken out a mortgage for $50,000 to $75,000? Am I higher working with a mortgage dealer? Ought to I’m going on to a financial institution or credit score union?

Let me know you probably have any expertise with borrowing beneath $100,000 for a mortgage.

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12-26-2012, 06:34 PM

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Location: East of Seattle since 1992, initially from SF Bay Space

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Sure, $45,000 however that was our first home in 1976. Whatever the quantity, I’d advocate making an attempt a credit score union first, they’re extra trustworthy and dependable, and never for-profit. In your case, the banks will not be as anxious that can assist you with such a small quantity, since their earnings will likely be so lo in comparison with most mortgages.

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12-27-2012, 06:44 PM

 
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i disagree that credit score unions are any kind of honorable than another bankers.

However the mortgage quantity is so small that going to a dealer won’t prevent a lot they usually wont need to do the loan .

Mortgage brokers do the identical quantity of labor on a 50k loan and a 600k loan. The distinction in fee is $500 gross earlier than splits and bills and $6000 gross earlier than the slicing and dicing.

Here’s a hyperlink the place you may hook up along with your favourite group financial institution.

Examine Curiosity Charges | Mortgage CD Insurance coverage Refinance | Bankrate.com

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12-30-2012, 12:13 AM

 

Location: Marshall-Shadeland, Pittsburgh, PA

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I am additionally inquisitive about listening to some responses. I hope to buy my first dwelling within the $30,000-$40,000 vary in early-2013 utilizing an FHA-backed loan and placing 3.5% down. My credit score is simply within the mid-600s, my debt-to-income ratio is not the best, and it could take me a number of extra years to avoid wasting the quantity wanted to place 20% down, and I concern by that point that housing costs within the neighborhood I am wanting into can have appreciated reasonably.

Here is some uncooked records:

INCOME: $30,000/yr from my main place, which I’ve had for a couple of yr, and I can simply decide up a shift at a second’s discover at a second job delivering food—I’ve had that place for a couple of year-and-a-half.
STABILITY OF RESIDENCY: I’ve lived on the identical deal with for over two years.
STUDENT LOAN DEBT: $15,000
CAR LOAN: $8,500
CREDIT CARD: $900
FICO: Mid-600s

I at present pay $700/month, which I cut up with my accomplice so we every pay $350/month. As such I can simply afford to pay as much as $700/month for mortgage+taxes+insurance coverage+PMI, as despite the fact that I’ll be the only real applicant on the loan I plan to cost my accomplice lease the equal of half of my month-to-month housing prices. I’ve thought of utilizing him as a co-applicant to see if including in his $20,000 annual revenue would assist, however he is additionally saddled with scholar loan debt, and his FICO rating might be beneath 600.

Do any of you assume ANYONE would finance me with an FHA-backed mortgage within the $30,000-$40,000 vary, given these above variables? Ought to I contemplate a credit score union first?

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12-30-2012, 08:40 AM

 
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FICO strikes me as low. What’s the whole quantity of bank card debt that you’re carrying? I believe the $900/mo is just too near the minimal. Scale back your whole shopper debt /excellerate scholar loan pay down / construct up financial savings. Yeah, I do know you “cannot do all that” however prioritize within the order listed. What number of bank card accounts do have? What do you employ’em for?

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12-30-2012, 03:35 PM

 
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Quote:

Initially Posted by SteelCityRising
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I am additionally inquisitive about listening to some responses. I hope to buy my first dwelling within the $30,000-$40,000 vary in early-2013 utilizing an FHA-backed loan and placing 3.5% down. My credit score is simply within the mid-600s, my debt-to-income ratio is not the best, and it could take me a number of extra years to avoid wasting the quantity wanted to place 20% down, and I concern by that point that housing costs within the neighborhood I am wanting into can have appreciated reasonably.

Here is some uncooked records:

INCOME: $30,000/yr from my main place, which I’ve had for a couple of yr, and I can simply decide up a shift at a second’s discover at a second job delivering food—I’ve had that place for a couple of year-and-a-half.
STABILITY OF RESIDENCY: I’ve lived on the identical deal with for over two years.
STUDENT LOAN DEBT: $15,000
CAR LOAN: $8,500
CREDIT CARD: $900
FICO: Mid-600s

I at present pay $700/month, which I cut up with my accomplice so we every pay $350/month. As such I can simply afford to pay as much as $700/month for mortgage+taxes+insurance coverage+PMI, as despite the fact that I’ll be the only real applicant on the loan I plan to cost my accomplice lease the equal of half of my month-to-month housing prices. I’ve thought of utilizing him as a co-applicant to see if including in his $20,000 annual revenue would assist, however he is additionally saddled with scholar loan debt, and his FICO rating might be beneath 600.

Do any of you assume ANYONE would finance me with an FHA-backed mortgage within the $30,000-$40,000 vary, given these above variables? Ought to I contemplate a credit score union first?

Hello.

Go to your native financial institution for this one. I dont assume there may be an FHA minimal loan requirement so a small mortgage ought to be okay. The financial institution or credit score union can deal with these small balances higher.

Your mid 600 fico will value you a 1/4 on the speed and a excessive upfront FHA price , however on a loan this small, its negligible.

Your accomplice is one other story. I’ve come throughout this many instances in my profession and right here is the recommendation I give.

You’ll be able to solely use his revenue if he applies with you on the mortgage which may trigger all types of issues when you break up. I’d recommend asking your loan officer what the lender particular guidelines are relating to making him your renter.

FHA can also have renter particular standards . If its so simple as producing a lease , then go for it.

However 30k a yr is well sufficient revenue to afford a 40k home. You have to be tremendous with out your accomplice.

The one actual concern is the job time. Usually they need 2 years on the identical job. Nevertheless, you probably have been regularly employed for two years in the identical type of career, you may submit that proof and it’ll suffice.

Hope this helps

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12-30-2012, 10:29 PM

 

Location: MID ATLANTIC

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Shut consideration ought to be paid to anybody discouraging a possible borrower from borrowing a low loan quantity. It is completely permissible for there to be larger expenses for the low loan quantity, and most traders have a low loan restrict anyplace from 25K to 40K. And whereas it is trustworthy say the dealer would not make as a lot and would not need the loan, it is not that a lot totally different for the loan officer at a financial institution…..however we even have been drilled that turning away the borrower resulting from low loan quantity will be thought of discriminatory.

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01-01-2013, 09:06 AM

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Location: Berkeley, Denver, CO USA

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DefaultBought a $20K mortgage in 2012

We purchased our home for money ($480K) in mid-2011.
Then, in early 2012, we wished to do some landscaping.
Went to the credit score union (I’ve a 35 yr historical past with them) for a HELOC and we couldn’t get one as a result of we didn’t have a mortgage. They did supply a private loan at 9%.
Now, we’ve a mortgage.
$20K, 3%, 5 years.
The credit score union paid 100% of the $1600 in charges. They did a full-blown appraisal.
They may by no means make cash on this loan.

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01-01-2013, 09:58 AM

 
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Quote:

Initially Posted by davebarnes
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We purchased our home for money ($480K) in mid-2011.
Then, in early 2012, we wished to do some landscaping.
Went to the credit score union (I’ve a 35 yr historical past with them) for a HELOC and we couldn’t get one as a result of we didn’t have a mortgage. They did supply a private loan at 9%.
Now, we’ve a mortgage.
$20K, 3%, 5 years.
The credit score union paid 100% of the $1600 in charges. They did a full-blown appraisal.
They may by no means make cash on this loan.

I perceive your logic, however when you undergo your paperwork, you may even see a 3 yr provision of closing prices. So long as you retain the HELOC or loan open for 3 years, you dont need to repay that 1600 in closing prices.

They wanted to do a full bore appraisal on a 20k loan on a 450k home?

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