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There is a small cabin that I want to buy. I can get it for $15,000. I have $8,000 saved up so I need to find a way to come up with the other $7,000. I've never been in debt before because I have always paid cash for everything and I don't own any credit cards. My bank won't give me a loan because I don't have any debt history. The sellers of the cabin don't want to do any kind of land contract or owner-finance. None of my friends or family can afford to loan me anything. I don't have anything of value that I can sell.
I can't think of any other options to come up with the money. Are there any mortgage companies that would be willing to work with me on such a small amount?
From my experience & I'm not a lender.... for a small amount you'd be better off to talk to a small local bank where you can get nose to nose with the loan officer and explain what you want to do. Are you a member of a credit union? I think they would also be able to help.
Hopefully you have an account at one of those 2 places which would help.
There is a small cabin that I want to buy. I can get it for $15,000. I have $8,000 saved up so I need to find a way to come up with the other $7,000. I've never been in debt before because I have always paid cash for everything and I don't own any credit cards. My bank won't give me a loan because I don't have any debt history. The sellers of the cabin don't want to do any kind of land contract or owner-finance. None of my friends or family can afford to loan me anything. I don't have anything of value that I can sell.
I can't think of any other options to come up with the money. Are there any mortgage companies that would be willing to work with me on such a small amount?
There are hard money lenders that would loan the money, but their interest rates tend to be higher then most. I'll send you a link tonight of someplace else that might be able to help.
How old are you? Where do you work? Do you own a home?
A small bank that has management/owners available or an employer/community credit union might be able to write a loan as either a Signature Loan or Cash Line of Credit. Either of these have similar terms to a credit card, which would be much less advantageous than a true mortgage. You would want to structure the payments so that they would be affordable, even if that would mean borrowing MORE so that you could use saving to make a substantial number of payments. After a reasonable amount of time you would then have a credit history and might consider refinancing the debt into shortish mortgage. Suppose that you borrowed $12,000 at 9% for 60 months, that would be about $320 a month. You could then pay off 24 months out of savings. You could then get a very small mortgage (under $9K) for a very short term (10 years) and pay less than $100 a month until it is retired. Ought to fly for any reasonable loan decision maker, as long as you have steady work and don't seem like you will go to cabin and become some freak outlaw...
There is a small cabin that I want to buy. I can get it for $15,000. I have $8,000 saved up so I need to find a way to come up with the other $7,000. I've never been in debt before because I have always paid cash for everything and I don't own any credit cards. My bank won't give me a loan because I don't have any debt history. The sellers of the cabin don't want to do any kind of land contract or owner-finance. None of my friends or family can afford to loan me anything. I don't have anything of value that I can sell.
I can't think of any other options to come up with the money. Are there any mortgage companies that would be willing to work with me on such a small amount?
You can try to post your listing here. its a personal loan but given the scenario you posted here, you shouldnt have any problem getting funding.
Lol.... I was just about to suggest Prosper.com as well... funny...
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