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Best way to get a $20k loan for house?

S

Syringer

Lifer
My parents have spotted a $60k house in Sacramento--have $40k to put down and just need a $20k loan. Which avenue would be the "best" in order to get it?
 
Take a personal loan. Not gonna get a mortgage for that much.

Alternatively, could keep the cash to upgrade the place and just put the 12k down.
 
Living in Sacramento, Im not sure youd want to buy a 60K house. You can get an OK house in in OK neighborhood for about 150K, but 60k youre in a crackhouse in the ghetto. Prices have fallen a good amount, but not THAT much.
 
Seller financing. 20k is probably way too little to get a mortgage.

Otherwise, what is their income like? They could get a 0% BT credit card, take the BT check, and pay for the house. That's provided they can get a 20k limit and can afford to pay it off before the intro APR expires.
 
Go to their bank and get a loan?

The reason a $20k mortgage is hard to get is because regulatory compliance makes a $20k loan just as expensive to process as a $400k+ mortgage. While OTOH federal laws limit the compensation that brokers and lenders can get according the loan size. So a $20k mortgage is simply unprofitable to originate. However, provided you qualify, most banks or credit unions would be happy to make that kind of loan and portfolio it in-house in exchange for keeping your other accounts.
 
Originally posted by: Slew Foot
Living in Sacramento, Im not sure youd want to buy a 60K house. You can get an OK house in in OK neighborhood for about 150K, but 60k youre in a crackhouse in the ghetto. Prices have fallen a good amount, but not THAT much.
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This. Unless you want to be a slumlord.
 
Originally posted by: compuwiz1
A $60k house in Sacramento is guaranteed to be in the ghetto. What are the coordinates?
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LOL- I'd like to see it as well. I'm thinking a hole in the ground with a tarp over it.
 
Seriously, what part of Sacramento are you looking at? I live here and while there are plenty of nice areas, any place that is selling for 60K would be really ghetto.
 
Originally posted by: RaistlinZ
Originally posted by: Injury
Originally posted by: newnameman
Move to Detroit, you'll only need a $20 loan.
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... to have an entire block to yourself.
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True, but you'd still have to live in Detroit. 😛
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I suppose for about $500 you could buy enough of the city and breakaway, forming your own new city.
 
Originally posted by: DrVos
Seriously, what part of Sacramento are you looking at? I live here and while there are plenty of nice areas, any place that is selling for 60K would be really ghetto.
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My mom said it's by one of my uncle's place, and I know his kids go to Valley High School so it's somewhere in that area. I've been in that neighborhood and it's not particularly ghetto at all..
 
Originally posted by: Syringer
Originally posted by: DrVos
Seriously, what part of Sacramento are you looking at? I live here and while there are plenty of nice areas, any place that is selling for 60K would be really ghetto.
Click to expand...

My mom said it's by one of my uncle's place, and I know his kids go to Valley High School so it's somewhere in that area. I've been in that neighborhood and it's not particularly ghetto at all..
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Then it probably needs tens of thousands of dollars to renovate/repair.
 
Thats over in Elk Grove/South Sac. That area's gotten fairly ghetto the last few years. A quick check on zillow shows a few homes under 900 sqft selling for under 100K.

YEdit: yeah that's near South Kaiser, my wife works there sometimes, gangs and gunshots galore.

 
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