Where to get loan for small house??

[stikkyp]

I've been offered a property thats a 2 bedroom place for $30,000 here in Medicine Hat. Just wondering if anyone knows a financial institute that will finance the property.. Everyone is saying its too small. My other option is a Line of Credit.. But thats dangerous.. Just wondering if you guys have any ideas.. The property is just under 500 sq feet.. Would be better then my 1 bedroom apartment idea. Any help would be great..

[analbumcover]

500 sq ft HOUSE?

wtf are you from the cast of little people big world??


Also what makes you think a LOC is dangerous?...

Have you called the obvious place when looking for a mortgage (bank)

[Talies R]

How is a line of credit dangerous?

[BrknFngrs]

Originally posted by Talies R
How is a line of credit dangerous?

He's likely talking about a floating interest rate.

[Canmorite]

To determine whether or not you can get financing, you will have to reveal a lot of personal info.

Look at a mortgage broker or a financing operation that isn't tied to such strict lending guidelines.

[Masked Bandit]

If the banks won't write a mortgage on it they will probably do it as a consumer loan, just a higher rate of interest.

[BlkMaxima]

Originally posted by analbumcover
500 sq ft HOUSE?

wtf are you from the cast of little people big world??






:werd:

That not much bigger than a Shed. It might qualify as a Shanti?

[HRD2PLZ]

Most banks will lend on a property that size, its usually the mortgage insurance companies that won't insure a high ratio mortgage on a property that size. An insurer like AIG or Genworth might... I know they used to. I believe for mobile homes banks will do a loan more in line with a vehicle loan as opposed to a mortgage. Could be the same type of thing for a property such as this?

[ExtraSlow]

for $30,000, I hope you don't need a high ratio loan.

25% down is only 7500.

[lint]

Originally posted by ExtraSlow
for $30,000, I hope you don't need a high ratio loan.

25% down is only 7500.

All he needs is 20%, $6K to avoid CMHC fees

[Thaco]

Originally posted by lint


All he needs is 20%, $6K to avoid CMHC fees and more importantly cmhc restrictions.


banks are generally very lenient with mortgages, however CMHC is the stickler.

[The Cosworth]

I grew up in a house that size on 20th ave NW.

My mom (single) had the whole basement as her bedroom. you should see the size of the lot though.

[TomcoPDR]

Originally posted by BlkMaxima




:werd:

That not much bigger than a Shed. It might qualify as a Shanti?

More towards a double car garage size. One of my cousin rented something like that when she was going to university in California.

[Supa Dexta]

A shanti

http://www.msashanti.com/img/ashanti.jpg

A shanty

http://web.ncf.ca/ek867/corlies.shanty.jpg

[ExtraSlow]

supa, I'll take the first one, even if I have to move to Medicine Hat for it.

[Hit Em Up]

i think the minimum is 50k

[Thaco]

this is a bad place to ask this anyways, most of the ballas on ebyond have a everyday bankroll (or atleast a credit card) for more than $30k

[Supa Dexta]

Get the 50k and put in a pool..:bigpimp:

[barmanjay]

Originally posted by Supa Dexta
Get the 50k and put in a pool..:bigpimp:

build a garage bigger than the shanty and invite shanti over for an oil change :D