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How to buy a $25k house in MI with $19k? loans?

I make $1235/month, have a 682, 800, 800 for my scores, and I want to buy a $25k house in Michigan. We have about $19000.  Is there some way to get just a $5=$10k loan to cover me and leave me with something left over? Both of the houses can be moved into, one is completely re-done.

Can you be specific like so-and-so will give you an ??? loan, or better yet, I can get you a loan :-)
  • September 12 2013 - US
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Answers (3)

Try Prosper which is a site that allows people off the street to give you money, but you have to pay them back with interest. You can also try to find a low interest credit line.  If you have any assets, you can also look into a secured line of credit.  

Who owns it? Maybe the owner will take back a note, allowing you to pay them in monthly installments with interest.  If this is a bank owned property, forget about that suggestion.

Good luck!
  • September 12 2013
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Profile picture for larryeul
One time I used a cash advance on a credit card to help buy a property.. yeah, interest rate was high compared to mortgage interest rates, but 15k or whatever the amount needed then with the higher rate was better than fees involved with a small mortgage. Not sure this will work for you based on your current income. Small amount needed to borrow plus income will prob make getting a bank/mortgage a bit difficult.
 Maybe the seller will hold a small mortage for, I dont know, 3-4 years.. with your amount of cash downpayment. (note- I would make sure you have some savings after this purchase). Maybe the real estate company will buy the note for the commission... have done this in the past, basically seller would sell 5k mortgage for a couple thousand dollars... yes, nets less than all cash, but it may work.. if not to the real estate company, they will know an investor looking to lend 5-8k on 25k house.

  Best to you.
 
  • September 12 2013
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Your best bet would be to get a personal loan to cover the remaining $5,000-$10,000.  Lenders will have a minimum mortgage amount.  You can check out a regional bank or credit union.  If in metro Detroit area, check out Comerica or Credit Union One.  Do not know a lot of places in other areas.

Hope this helps,

Bryan
  • September 12 2013
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