Profile picture for TabbySmits

i need help finding a loan to perchace a house thats only 17,000

i plan on moving my whole family to michigan, from south dakota, and iam having a hhell of a time trying to find a lenderfor such  small amount, please anything will help.
  • March 28 2011 - White Pine
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Answers (7)

Profile picture for COREXRE
Sun. June 25, 2011

I think 'WordSmith's' comment about finding someone (via friends, maybe your friendly local banker has some contacts, or checking with a local self-directed 401 or IRA management service) is an excellent idea and place to start looking.  You might also look for a small, specialized private investor group operating in your area.

Money is around ..... but in t his economy and difficult financial times ...... you need to look at all possibilities and 'dig' around a bit more than say 10 years or so ago!

Best success -

Best success -
  • June 26 2011
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Profile picture for wordsmth
That is a small amount.

Consider owner financing, if the owner is willing.

Or try a non-mortgage personal loan.

Or find what's called "private money." Someone--an individual--who's willing to lend you that amount. Doctors, lawyers, etc. Or people with a self-directed IRA. Talk to an accountant or CPA in Michigan to get some possible leads.

Or find an investor. Go to http://www.creonline.com and find real estate investment clubs in the area of Michigan you're interested in. It's very likely that you'll find an investor willing to put up $17,000 in return for a decent rate of interest.

Hope that helps. 
  • June 26 2011
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Shop around to different banks, large and small, credit union, etc.  You might want to take out a personal loan if they don't offer financing for that amount.
  • May 18 2011
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If your credit is decent you may fair well with a credit union as I am told many of them do small mortgage loans or perhaps a personal loan.
  • April 25 2011
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Try your local bank or a credit union. Larger banks will not finance smaller loans
  • April 19 2011
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Profile picture for Ceazara
Hello people, I am writing you in response to your posting on financial needs. I once received a loan from a private loan company sometime ago , They had a good interest rate of 4.3% per year. I don't know if they are is still in the bussiness but here is the contact email c.[ Contact information removed by moderator ] . Am sure the manager Mr. Raymond will be able to help you if he is still in it.
You have my word
  • April 13 2011
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Have you tried Bank of America.  My contact there has stated that they do loans for any amount.

Good Luck
  • March 28 2011
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