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Profile picture for Sneza

$51k 15-year, conventional, 20% down mortgage?

I'm working with Chase currently and was issued a conditional pre-approval letter; however, my agent warned me about their services and highly recommended a mortgage broker. I researched online that it is difficult to get financing for a $51k mortgage as banks don't find it profitable supposedly, and that it might be best to go with a local small bank or credit union for this sized mortgage. Any advice and recommendations? I'm in Ohio with a credit score of 775. The property I am trying to purchase would be my home and I don't own any other property.
  • July 09 2013 - Akron
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Answers (3)

Profile picture for The Mortgage Mark
Post a loan request on Zillow
  • July 09 2013
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Hi,  I can help. Definietely it is tough to get a deal/loan done with that loan size. With your credit score though we should be able to close the loan in house (meaning the fees would be cheaper than if we have to correspondent or broker the file out). It is still tight but possible. If you'd like me to forward you some figures I'd be happy to provide them. If you're interested please contact me offline. I too have heard the same of Chase. Especially if they portfolio the loan. Either way, best of luck to you! Kim Lawson, Ohio Licensed Mortgage Loan Originator, Licensing and contact information can be found on my profile.
  • July 09 2013
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We suggest 5th/3rd Bank as a local bank.  It is based out of Cincinnati, OH.  It has a number of branches in Northeast OH.  We, also, recommend First Federal of Lakewood, which has branches in Northeast,OH 
  • July 09 2013
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