Can I get a loan for under 30k?

Question

Max T. · Answer

You could just get a few credit cards and combine the cash advance amounts.

Dennis M. · Answer

If you have a decent salary and good credit you should be able to get an unsecured line of credit from your bank . I have bought a property with a 20k line of credit and some savings I had . The rate will be higher but The nice part of doing that is the deed is free and clear and can be leveraged or sold off if your in a pinch . A lot of banks donot like lending under 50k so you may have to really shop around

Michael Ablan · Answer

@Brianna Standley - The VA is very strict about what type of home you can buy with it.  The house can need cosmetic updates (paint, change of flooring, updating appliances), but it can't NEED flooring because the current stuff is completely ruined.  It needs to be move in ready, otherwise it won't pass.

With that said, loans under $30k are tough because the mortgage lender won't make commission on it (or will make pennies), so most of the time they won't consider it.  You may be able to get your local small bank to do it because they know they'll get future business from you.  However, it'll be tough.

Maybe try getting an FHA 203k construction loan with 3.5% down.  The lender gets paid on the full loan amount, which includes the construction costs, so more lenders will jump at the deal.

I hope this helps.  Good luck!

Clifford Paul · Answer

@Brianna Standley

Most likely a $30k house needing rehab will not make it through VA underwriting. A VA loan purchase must be in liveable condition. I agree with others for that amount I would just use one of my 0% interest credit cards for 18 months. Then I would do a credit balance transfer to one of my other 0% credit cards for another 18 months. Assuming I hadn't paid house off already.

Since I'm assuming you haven't used your husband's VA eligibility yet. You should do what I did with it. Buy a nice home that will cash flow in the $100k to $150k range. Move into the home and then apply for a VA IRRRL loan.

The VA IRRRL loan only requirement is you certify that you lived in the house. It uses the same VA eligibility from the first loan.

Then buy a second home to live in with your husband's remaining VA eligibility. So in less than a year you have 1 rental and 1 primary home with no money down. Make sure your second home will also cash flow when you PCS.

Brianna Standley · Answer

@Max T. I’ve heard of individuals who’ve done this, thank you !

Brianna Standley · Answer

@Dennis M. Thank you Dennis

Can I get a loan for under 30k?

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