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If I Was Interested In Buying A Home Around The Value Of 10,000, How Would I Make The Payments?

Pay Monthly? Pay Yearly? Down Payment? Cash?
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October 28 2012 - Bridgeport
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Answers (7)

Profile picture for Jane352
As stated, you cannot get a loan at a price of 10K. If you do not have 10K cash sitting around to buy something then you probably are not financially prepared to buy anything. 

Perhaps look for a condo, but you still will need to get a loan and the payments are monthly. I was also in dilemma at the time of buying my new home against a personal loan in London. The professionals of [deleted by Zillow moderator] firm (in London), helped me in getting personalloan ; it's a better options as it has shorter terms and higher interest than a mortgage. You can search their site on Google for more information.
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December 13 2012
No monthly payments, at $10,000 it has to be a cash buyer. 
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October 29 2012
I have met very few mortgage professionals who would make loans for anything less than $50k.  If it is priced beneath that point, then usually the home needs a lot of work.  However some larger financial institutions are able to make smaller loans in house that smaller financial institutions may not be able to.  Get in touch with a local mortgage professional who should be able to help you!
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October 29 2012
Have you seen anything priced around 10K in Bridgeport? As stated, you cannot get a loan on a price of 10K. If you do not have 10K cash sitting around to buy something then you probably are not financially prepared to buy anything! anything under 50K will need lots of work and you do not sound very 'handy'. Perhaps look for a condo, but you still will need to get a loan and the payments are monthly.
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October 29 2012
You typically cant get a loan for this amount. At this point, its cash only.
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October 29 2012
Most banks will not lend less than 50K.   If the home is 10K it also more than likely would not be in condition that would be lendable.  Cash is your best option.  Most likely if you do not have the cash.  Your options is having the seller carry your loan = if they are in the position to or want to.  Loans of this type would be much higher interest rate and much shorter terms. 
Best Wishes!
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October 28 2012
I doubt you will find a mortgage for such a small amount. Talk with your local bank or credit union and see if you can get a personal loan and use the house as collateral. Personal loans have shorter terms and higher interest than a mortage. If your car is paid off and worth more than $10k, re-finance your car. Auto loans are typically lower interest than personal loans.
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October 28 2012
 
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