What are the chances ???

[Anonymous]

I am looking to purchase a condo that is listed at $50,000. I will have a down payment of $30,000 ( which is 60%) and will need a loan for the balance of ~ $20,000.  I have a foreclosure that has been closed about 5 months on my credit report that was a rental and our renter just walked away from.  I could not afford the payment as we were very upside on the loan.  I also have a judgment on an old loan that was disputed which resulted in a garnishment. This will be paid off in 1 month.  What are the chances of me getting a loan for the balance of $20,000 with the large down payment I will have.  The condo could actually appraise for $78,000.  My FICO score is 630.

Thanks for any info....

[cdtotten]

You most likely will not be able to take out a mortgage on the place. Most lenders have a minimum amount for a loan of $50k, and that is fairly low compared to some. There is no incentive for a lender to amortize $20k over 30 years... that would be rediculous.

Your best bet at that point is to do a secured 5-7 year personal loan with a bank or CU you have a good relationship with.

[DallasLoanGuy]

no mortgage

but maybe a non-traditional loan like a personal loan?!?!?!?