I bought a duplex in March with both leases good thru Jan 2006. The one tenant informed me the other day that she is leaving at the end of April. 13 day notice. Under the lease she signed with the previous owner she has forfeited her security deposit. The only penalty the lease mentions is the security deposit if she breaks the lease early. Not sure if I can get her for anything else.
I have heard some banks that go as low as 40k for a SFD. Shop around and you willl find one also a credit union is a good source too. They are more personable than a bank.
I heard something about predatory lending( I think). I dont really care though. They treated ME right and thats what I care about. However, I will say this. I think the reason I like Wells Fargo is not because it is WF but because of the loan officer that I have established a relationship with. I think that is very important. She knows that when I call her I either have a deal locked on or am real close to it. She also knows that I probably already have my ducks all lined up before I call her so there is no wasting time. I know that when I call her she will get everything squared away promptly and keep me updated every few days. good luck.
You have a loan for 17k? If you dont mind me asking what are the particulars of the loan (rate, term, down payment, etc). Do you know if they lend on the east coast at all?
Thanks
Danny
I believe that they were sued for predatory lending which is just charging higher fees and rates to higher credit risks. This makes sense to me and its what I would do if I were lending someone money but some view it as discrimination.
I bought a duplex in March with both leases good thru Jan 2006. The one tenant informed me the other day that she is leaving at the end of April. 13 day notice. Under the lease she signed with the previous owner she has forfeited her security deposit. The only penalty the lease mentions is the security deposit if she breaks the lease early. Not sure if I can get her for anything else.
You can get hard money for this, banks do hate under 50k loans. There are other lenders out there, you will pay high interest though
[addsig]
Try your local credit union.
I have heard some banks that go as low as 40k for a SFD. Shop around and you willl find one also a credit union is a good source too. They are more personable than a bank.
Have you looked for private lenders?
Try Wells Fargo. I was told by my loan officer they would go as low as 20000. That may depend on credit and the value of the house too.
I heard something about predatory lending( I think). I dont really care though. They treated ME right and thats what I care about. However, I will say this. I think the reason I like Wells Fargo is not because it is WF but because of the loan officer that I have established a relationship with. I think that is very important. She knows that when I call her I either have a deal locked on or am real close to it. She also knows that I probably already have my ducks all lined up before I call her so there is no wasting time. I know that when I call her she will get everything squared away promptly and keep me updated every few days. good luck.
Wells Fargo. I have 4 loans with them. 3 are below 50k. one is even 17k.
You have a loan for 17k? If you dont mind me asking what are the particulars of the loan (rate, term, down payment, etc). Do you know if they lend on the east coast at all?
Thanks
Danny
I believe that they were sued for predatory lending which is just charging higher fees and rates to higher credit risks. This makes sense to me and its what I would do if I were lending someone money but some view it as discrimination.
Try Nexstar. I have four NOO loans with them under $50K. I think their minimum is $25K. They sell WAMU loans.