Lender adivce quick! - Posted by Anthony

Real Estate Investing Real Estate Financing
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Posted by Rene Perrin on March 06, 1999 at 15:03:56:

Anthony-

There are many lenders that will loan on the smaller properties. You will pay more for financing a smaller property. You should be able to find one on the web. Try Countrywide or Norwest (the two biggest.) It doesn’t sound like your friend knows what she is doing.

There may be other problems with your request but, I don’t think the size of the loan is the problem.

Rene

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Lender adivce quick! - Posted by Anthony

Posted by Anthony on March 06, 1999 at 12:58:19:

Here is my situation…I am ready to make an offer on an investment property. The price is $40,000. However I talked to a friend who works for a mortgage company and she made some calls to her lenders and she can not find a lender to take the mortgage. Two reasons 1) only a $40,000 mortgage, they are not interested in one that small.
2) no fannie mae in this community.

This will be my first property so I do not have alot of resources.
Anyone know any lenders in who can help or advice on how to find a lender? Someone else has made a cash offer below mine, I know the owner so she is giving me a couple of days to come up with deal by Tuesday.

Any help is appreciated. Thanks.

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Re: Lender adivce quick! - Posted by Rob FL

Posted by Rob FL on March 07, 1999 at 18:53:46:

I bought a condo with a 20K loan from Nationsbank (now Bank of America) back in 1997. Shop around there are plently of lenders who will loan you the money if you look hard enough. Possibly consider a mortgage broker.

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Re: Lender adivce quick! - Posted by mike

Posted by mike on March 06, 1999 at 19:41:46:

give her a mini down pmt and a 60 day close. gives you 60 days to find a solution. other collateral, find a partner, find a lender, rock and roll…

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Re: Lender adivce quick! - Posted by Darrin (GA)

Posted by Darrin (GA) on March 06, 1999 at 18:10:43:

  1. I’ve seen loan amounts of $20,000. The amount is not a problem.

  2. I have no idea what you mean when you say Fannie Mae is not in your community. The Fannie Mae Foundation doesn’t lend to individuals anyway.

You haven’t given us enough information to help you.
The property costs $40,000. Are you looking for a 100% loan or do you have a down payment? Fannie doesn’t do 100% loans. Chances are that you will need a nonconforming loan. Are you planning on occupying this house yourself? Is the owner going to hold a second mortgage note for you? What state is the property in?

You really have to give more information if you want help.

Darrin