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Where can I apply for a mortgage loan for 22,000?

  • April 04 2011 - Dayton
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Answers (5)

MIca, if you can't get help from the Credit Union contact me. I'm not sure who you spoke with at 53 but if you contact me I can help you I can do loans in OH and we aren't restricted to a 40K loan amount.
  • April 06 2011
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I did check 53 bank they said their minimum is 40,000.  So right I am in contact with a credit union bureau to see what I can do
  • April 05 2011
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Is this for a purchase transaction? There is no minimum loan amount for real estate financing but many lenders won't do a loan for a small amount because the cost of originating the loan exceeds what the lender can charge in points and fees. According to HOEPA Section 32 regarding High Cost loans a the fees can't exceed 8% so a $22,000 loan can't have more than $1760 in fees ( This is an estimate because have no idea what the purchase price is if you assume Lender Fees $900-$1200, Appraisal $300-$450, Attorney Fees $400, Title Insurance $300, State Tax and Recording $250). You are looking at about $2200 in loan costs.

If this is for a purchase you will be best served through a local bank. They have goals for lending in certain areas so although they may lose money on the transaction. Fifth Third is located in Dayton.  I can connect you with the area manager for Dayton if you want.
  • April 05 2011
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The minimum mortgage amount allowed for financing is $40,000.  If you need to borrow only $22,000 you may want to apply for a personal loan. If you don't qualify for a personal loan, there may be other options such as a hard money loan.
  • April 04 2011
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Due to the small amount, that is very unlikely you will find that; especially if the new Mortgage Regulation that was supposed to take effect 4/1/11 takes effect.

You are probably better off contacting your local bank or credit union and trying to take out a personal loan.  Sometimes a home equity line will also work for that magnitude.

Perhaps, you should just put the money aside for a few years to save that up?
  • April 04 2011
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