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80K Home - 55K Cash - Need 25KLoan - BAD CREDIT

I want to buy an 80,000 home. I have 55,000 cash. InsteAd of waiting for about a year to improve my credit (mid 500 score) is there a bank, credit union, lending company that would give me a $25K loan and use the house which I wouldn't technically own as collateral? More or less I have a 70% down payment. I know a lot of banks don't touch small mortgages so I was thinking personal loan options may be? I'm located in Western Pennsylvania. P
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April 27 - US
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Answers (2)

Hello,

When looking to secure financing on a home, always consult a lender.

You have a substantial down payment! So your assets shouldn't be an issue when securing the loan.

Please contact me through my profile. Several loan officers at my company are licensed in PA and we can look at your options.

Thanks!
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April 27
Getting a bank to loan less than $50k is not easy even with good credit. A credit union maybe. You need to start calling around your area to check. Getting any loan with bad credit is going to be a problem.
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April 27
 
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