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| *Loan,banking and credit>>>mortgage loan |
What is the lowest amount of money a loan mortgage will allow on a home loan? |
i.e. 40,000 mortgage or 140,000 mortgage. In other words I want to buy a home for 20,000 will a morgage company give a loan for that amount? Is there a based amount for mortgage companies? I live in NC area if that helps Here in Forest City , N.C. a bank or mortgage company will not commit to a 100% no money down loan based on the apprased value of the property. They look at it as you personally have nothing invested in the home then the chances of you letting your home go into foreclosure if times get tough is almost a sure thing . FHA loans if one qualifies can be obtained with as little as 3% down. However ; with the total collapse of " the sub-prime lending institutions" , any type loan will be under the tightest of qualification. Source(s): If you are buying a house for $20,000. , then the bank would more than likely want to see an appraisal for at least $25,000. Now they have loaned you $20,000. on something that is worth $25,000. so there is equity in the deal for them . I tried to take out a 25,000 mortgage, and got told that at minimum I needed to take out a 40,000 mortgage, and that was in Pennsylvania, in 2004. You can obtain home loans for virtually any amount. Just remember that loan amounts are generally based on current appraisals. Also, you generally have to put 20% down or you will probably be subject to PMI (which is mortgage insurance) which will will increase your monthly payment until you bring the balance down to 80% or the appraised value. call banks, mortgage companies and ask - everyone is different I find it hard to believe that any home in the country could sell for only $20K anymore. That loan is very small, for a mortgage. Few banks offer full first mortgages under $30-50K. The ones that do, will charge a higher rate due to the low loan amount as well. You'll probably just need a local bank to treat it more like an equity loan. 10 years in mortgage banking |
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