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I found a home I want but can I get a loan?

Cost of home is $20,000,  Credit Score is 646 Fair, Income is about 1646-2130 a month, Im applying for Disability If I sell my Mobile Home Trailer for 6,000 or 5,000 I will be able to put 5,000 down , Im a first time home buyer, house is a HUD Home value is 50,000, as-is Conneaut Ohio
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July 27 2013 - Conneaut
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Answers (2)

The loan amount is to small for any mtg. However you mention as-is. Maybe we could do a 203k loan. It's a rehab loan. So you purchase the home for $20k you need/want $50k I in repairs more or less. You could also purchase new energy efficient appliances ie stove, refrigerator etc. So now we finance $70k. FHA you need 3.5% down. $2450. You use some of the other cash to get through the rehab process (pending on what needs done/appliances etc). Just an idea on how you could get it done. If I can answer any other questions you may have, I'd be happy to help. Best Regards, Kim Lawson (Licensed in Ohio only.) Contact and licensing information can be found on my profile.
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July 27 2013
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Regardless of your credit score/income it is nearly impossible to get a conventional loan for anything less than 50k (Maybe 40k if you really look around. Your best bet is finding hard money, or possibly a OWC situation (Owner will carry) Personally, I wouldn't have an issue carrying a loan with 25%. Worst case scenario the owner get's 5k up front, monthly payments with interest, and his place back if you default....

 

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July 27 2013
 
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I found a home I want but can I get a loan?
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Latest answer by Kimberly Lawson
July 27 2013 | 2 answers
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