Mortgage Under 50k

[sdr2010]

Hoping someone can help. I want to bid on a HUD in TX under 50k. My wife and I have FICO's above 700 and have owned a home for the last 18 years. No lates and No BK. We would sell it and bank the equity for additional retirement funds. I can't find anyone that will loan on a newer doublewide on an acre of land that is on the tax rolls for 90k and the HUD price is 30k. Have tried about a dozen places and all say no to anything under 50k and some say no to anything under 60k. Looking for a lender that will do it. It's crazy that I can get a pre-qual all day long for 65k, 75k or 100k while keeping my existing house in the process but can't find anyone to do it below 50k. This is my last try. If I can't find a lender, then I will just sell my existing home, take my equity and pay cash.

 

Thanks

[PropertyVirgin]

Wow that's crazy, i hope something works out for you. Sounds like its a pretty decent property for that price.

[Brian B The Loan Professor]

It is a sign of the times - The regs limit the amount that can be charged to a percentage of the loan. On a smaller loan it is not possible for the banks to charge what they normally charge and stay within the set limits. The result - No one will do smaller loan amounts......

 

B

[andydallas]

try to talk to a locally owned bank about a portfolio loan (one they don't sell), the terms would not be as good as a conforming loan, but the smaller banks that are in the same community will many times work with you on a smaller loan

[road2freedom]

Would it be easier to get a personal loan to make the purchase and then an equity loan down the road to pay it off? Just trying to think of alternatives...

[jst300z]

Two problems.

 

Under $50k loan and doublewide.

 

I wouldn't hold your breath on appreciation and/or equity on manufactured homes. They have a proven depreciation (unlike stickbuilt homes) scale and do not hold value well.

 

If you still want to chance it, I suggest a HELOC or refi your current home.

 

 

My wife and I have FICO's above 700 and have owned a home for the last 18 years.

 

Surely you have some equity you can extract. Combine with a personal loan/credit card transfers and it's yours.

[Mo Munny Mo Problems]

Im needing about 30k for a small investment property as well...i havent actually apped yet..very close.

 

Ill report what i find.

 

I do know anything with a manufactured home probably makes it harder to borrowed against. :/

[DallasLoanGuy]

try small community banks and credit unions.

[Mo Munny Mo Problems]

My aunt works at Lone Star bank (Not Lonestar National Bank..)

 

its a local bank with branches only in south TX

 

 

Im sure they could use the business. They probably service their own loans too right>?