can you get a mortgage loan for a purchase price of $30000

Because of new laws, most mortgage brokers cannot do small loans. We're capped at 5% ($30K x 5%= $1500), or $1500 on a $30K loan. .. the cost of doing one is greater than the fee that is allowed to be charged for the service, so we could not do this small of a loan. Your local big bank on the other hand is not bound by the same rules.. they are allowed to charge you more, making the small loan profitable.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

For most non-bank lenders, based on current regulations, we will not loan below about $50,000. On the other hand, most banks will lend for that small of a loan amount. Good luck!

You might also want to look into Credit Unions and Private Lenders in your area. Good luck!

I would suggest going to a local bank there in Memphis. The amount is so low that because of current regulations would not be able to do it. Good luck!

It's possible but a challenge because many of the fee's are the same regardless of loan amount so it looks like you are being charged too much. We do not have a minimum loan amount. If this is a single family home (not a mobile home) in good condition your best bet may be a local credit union or locally based bank that has a reduced fee program. My guess is that you may need to put 5-10% down but that may be similar to what you'd need for such a small loan to cover the closing costs.

I agree with the advice of using a local bank or credit union. Best of luck to you.

If you have a fico of at least 650, i have someone that I can refer you to.. email me at yourloanpartnerforlife@live.com they prefer a 680 fico score, but , it can be workable it is a alternative to a loan. it is not hard money .. they have helped 3 of my borrowers.. linda

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