Mortgages under 50k?

[MA2]

Anyone ever try to get a mortgage under $50,000?

It seems almost impossible... it's like the bank doesn't want you to get a loan you could feasibly pay off in 5 years.

Also, since I'm getting out in 4 months... like 90% of the money I'll be making when I get out isn't counted as "income" by the banks...

Disability, the GI bill stipend, unemployment, and the VA work study don't count as income... even though the 4 of them together could be over 30k a year... plus my reserves income.

Anyone have any thoughts?

[sandraeli]

Finance it as a 15-year note with no prepayment penalty and pay it off according to your original 5-year plan? I used to work in lending, and people did this fairly regularly.

Good luck!

[MA2]

Hmmm yes.... but there's still the dang banks not counting 90% of my income as "income." :/

[TheCommuter]

I obtained a $45,000 mortgage back in early 2007. The process was like pulling teeth because lenders and loan officers do not make much money on small mortgages. Therefore, a few loan officers hung up on me when they discovered that all I wanted was $45,000 even though my credit score was excellent. All these people care about is the amount of commission that they stand to make after the deal is completed, and a mortgage of $50k or less doesn't result in much profit.

Also, keep in mind that it is harder to get approved for a mortgage in today's sorry economic climate, which is why the loan officers are not really regarding your "future monies" as income. Good luck to you.

[P00057870]

Why not check into a credit line with the home as collateral? I have one with 3.25% on it at the moment. Yes it can go up, but there were no out of pocket costs. Tell them you need it to do improvements/repairs and see what happens.