Updated over 2 years ago on . Most recent reply
I need mortgage help
I found a the Golden deal. 1000 sqft house 3 bedroom 1 bath. $70,000.00. The only problem is the bank wants 7,500 on closing cost and 20% down (14,000) payment. I only have 20k. The owner is willing to pay the closing cost but the bank said he can only pay 2% of closing since it's a conventional loan. Should I go to another bank or will all of them be the same? I don't get why it's not working out. It's so cheap! Please let me know what you think. I'm in Florida of that helps.
Most Popular Reply
Zackery,
You have two challenges one your bank is requiring 20% down and other banks typically have a minimum loan amount of $75K due to high cost rules. My advice would be to get a loan secured or unsecured to buy it all cash. You do not have to wait 6 months to get the cash back out by using delayed financing so you can pay off the first loan quicker.
If you own a home or have good credit with W2 income you can get a loan for the $70K.