Profile picture for KenTanner

firstime home buyer finacing 11,800

i have found a home on here that i would like to purchase i have seen it on the outside it is being rented i spoke with the person living there and i liked it but my question is 1 i have NO credit history not bad just none 2 i have enough for a down payment but not enough for it all my main concern is will a bank even finance the 9k or so left over?
  • November 13 2012 - Saint Helen
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Answers (5)

Hello,

Great question, and it really all depends on which lender you attempt to seek financing through. Most lenders have a minimum loan amount set within their credit policies. I know with the more conventional banks, they normally have a minimum mortgage amount of 30k. I hope this helps! 
  • November 13 2012
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There are several loan opportunities.  A really great one is USDA direct loan which may allow you to roll in the cost of repairs as well.  There are certain restrictions pertaining to the home itself as well as the location of the property but they work with buyers who have little to no conventional credit history.  They will consider unconventional credit history such as utility bills.  Look for an office in your area.  
  • November 13 2012
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Profile picture for KenTanner
i looked up the loan program you are talking about they want the home to be modest in size.... the place i'm looking at is 568sq ft LOL its just me though i'm going to school i filled out some things on the website the home is in the eligible area and also with my income i qualify so modest in size and a inspection? anymore on how the USDA loan process works would be amazing i would really like to get this i HATE renting its absolutely pointless
  • November 13 2012
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Try your local credit union.
  • November 13 2012
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Profile picture for nacho59
Ask the seller/current owner to finance it. Offer him/her and attractive interest they will not get in a bank cd.
Good luck
  • November 14 2012
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