Posted on: 08th Feb, 2011 10:29 am
We only need a loan for $25,000.
We own our home free and clear, never had a mortgage on it because we purchased it with cash. Its estimated value is $45,000
I have a credit score of 697 with $2000 monthly income, mostly paid in cash but I have check stubs. Worked for my current employer for 6 months.
We want to purchase a foreclosed property for $20,000 and we haven't found a single company to lend us the money. We even offered our house as collateral but no one is interested ...
what can we do?
We own our home free and clear, never had a mortgage on it because we purchased it with cash. Its estimated value is $45,000
I have a credit score of 697 with $2000 monthly income, mostly paid in cash but I have check stubs. Worked for my current employer for 6 months.
We want to purchase a foreclosed property for $20,000 and we haven't found a single company to lend us the money. We even offered our house as collateral but no one is interested ...
what can we do?
kc, you've got a few things working against you. most lenders want to do larger loans for a variety of reasons. honestly, the fees on a standard first mortgage loan for a loan in the amount you're seeking would be astronomically high, relative to the loan amount. therefore, the lenders you ought to seek out would be credit unions or small, community-type banks (maybe) who'd be making loans that they'd keep rather than sell in secondary markets.
your income situation is somewhat tenuous as well...you have "check stubs" but you're paid in cash - how does that work? do they simply hand you several $100 bills and then print out a stub that pretends to be part of an issued check?
shop around for a home equity loan for the amount you need, because typical mortgage products are far more difficult to obtain no matter what.
your income situation is somewhat tenuous as well...you have "check stubs" but you're paid in cash - how does that work? do they simply hand you several $100 bills and then print out a stub that pretends to be part of an issued check?
shop around for a home equity loan for the amount you need, because typical mortgage products are far more difficult to obtain no matter what.