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Finding Financing to Purchase Another Home and Relocate
Mortgage Library: Ask a Mortgage Related Question: Answers: Financing to Purchase Another Home and Relocate
I'm trying to get pre-approved/qualified for a mortgage loan (home equity loan?). The house I live in is owned by me free and clear, but it was purchased on contract many years ago and was paid off many years ago as well. It is a bad state of disrepair and is only worth about $10000. I am on social security disability and only get $850 monthly. All the conventional lenders I've spoken with in Indiana have a really large minimum amount, usually
$50000 on up. I've found some very cheap older homes in distant counties from where I live for under $20000. These are the ones I can afford with a 30/40 yr fixed rate loan. I was told to get a home equity line of credit for small amounts like these. My credit is only fair to poor, what are my options as far as what type of loan/lender to pursue in my case?
J., since your local lenders told you they have a minimum loan amount of $50,000, then I assume you have some credit issues. There are a few lenders that will make mortgages for less than $50,000 for people with damaged credit, but not many.
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