Financing a 25k condo In Reno

[bhenken08]

Does anyone have any ideas on how to do this?

It's my understanding that its not possible to mortgage anything under 50k

My current credit score is 620  I only have 10% to put down.

I was planning on building my credit over the next twelve months then buying a home via FHA. The condo i found and would like to buy is in the same building that I'm moving into and paying $700.00 a month.

[beb86]

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@bhenken08 wrote:

Does anyone have any ideas on how to do this?

It's my understanding that its not possible to mortgage anything under 50k

My current credit score is 620  I only have 10% to put down.

I was planning on building my credit over the next twelve months then buying a home via FHA. The condo i found and would like to buy is in the same building that I'm moving into and paying $700.00 a month.

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I mean you could try and take out a personal loan if its only 25k ...you could try the mortgage route if possible and compare cost..both short term and long term.

[webhopper]

Borrow funds from 401k... mine allows real estate loans for up to 15 year terms.

Take out a loan against a car or other asset. Check with credit unions... I would chase that rabbit around the block

Best of luck to you!

[bhenken08]

I guess I could go the personal loan route.

Here is my current situation:

in 2008 I had some defaults on credit cards, cell phone etc due to job loss.

2011 I got a secured loan with my local bank

2012 paid of secured loan, got a unsecured 2k loan to pay off collection accounts.

5 mo ago got a Ask car loan opened a secured credit card with wells fargo.

Score is 620

anyone think a bank would consider a 25k loan?

[Jessierjohns]

Credit Unions are known for providing personal loans with competitive rates. A condo for that price is a real steal! Most mortgage companies that I inquired to about loans stated that they only lend on a minimum of 50k. Also, if you follow through with this condo ask to see the HOA reserves and also inquire if it is active. Good Luck!

[webhopper]

The credit union might be able to give you an FHA loan

[StartingOver10]

Each lender has its own minimum loan.

You could try your CU as advised above and if they won't do it, try CHASE. They do small mortgages. It is tough to get an FHA loan on a condo though - you probably will have to go conventional. Check the FHA.gov site to see if the condo community you are looking at is approved for an FHA loan. In my area its rare to see FHA approved condos and getting even more rare lately.

[Anonymous]

It is possible to get a loan of that size from a lender, it's just finding the right one.  Most big banks don't do it and many brokerages have their own preferences not too.  A few lenders I've worked with do facilitate it though, and like others here have said, credit unions are a good probable solution.  As StartingOver stated, you're also going to want to make sure that the condo is FHA approved.  If it's not FHA approved, you can still get a conventional loan with 10% down so there are still options.  Good luck!