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how and where i can get a loan of 9,900?

this is my first time buying a house and i want to know where can i go to get that little of a loan? all they bank says is that my loan has to be of 20,00 or more. what are my options.
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November 09 2011 - Memphis
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Answers (2)

Your best bet is borrowing the money as a personal loan. That amount is way below what lenders are willing to lend on a real estate loan (as you've found out).

A second option is to use one of the peer-to-peer networks. Just plug "peer-to-peer lending" into a search engine.

A third option is to find an investor and borrow from him/her.

With the options I've listed above, understand that your interest rate will be a lot higher than today's average mortgage rates (which are now below 4% for those with good credit). You might be looking at interest rates of 8%-12% or so, and a loan length of 3-5 years. Still, borrowing $9,900 at 12% for 5 years only results in a monthly payment of $220.

Hope that helps.
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November 10 2011
That is a tough amount for a mortgage company to lend and plus the closing costs make it very expensive on such a small loan.  Some considerations would be borrowing against another asset such as an auto, cd, etc as there would be zero to low costs involved.  The loan is low enough where you may even qualify for an unsecured loan with your bank or credit union as well.  The rate would be higher than a mortgage but when you figure the closing costs on a mortgage as a percentage of your loan amount, it would be extremely high.  I hope this helps.
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November 10 2011
 
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