patrick.net

With a 20% down payment at 6% 30 year fix, that's $106 a month. If you can get 5% fix, that's $97 a month.

buy in detroit.

you can buy 55 houses @ $1k each.

We all have to draw the line somewhere, I guess. But what will you do when the place you want is $55,555.01 and they're non-negotiable?

Yep, Its retarded. i've had a few people want to buy a rental from me. I want to sell it. Problem: its like $49,000. Well, county says $80K but that's another story.

Nobody will write a mortgage for that. They just want. No matter what terms. Well, nobody I've found. Its ridiculous and says VOLUMES about the hogwash of hogwashington. Poor people get like $650/month for Section 8 to rent a house they could buy for like $300/month. That tells you about everything you need to know about the real purpose of welfare programs.

TimJowers

maxweber says

Yep, Its retarded. i’ve had a few people want to buy a rental from me. I want to sell it. Problem: its like $49,000. Well, county says $80K but that’s another story.
Nobody will write a mortgage for that. They just want. No matter what terms.

Sounds like it's private contract time.

MY grandparents bought a house for $55,000.... in 1981. Sorry, I think your a bit late to the party.

Closing costs would be too much for them. If they had to come after you, the foreclosure amounts would probably be close to what the loan is. Even for small businesses they won't help with those sums often. Alternative payments is probably your best bet. Collect a decent amount of interest on the loan, have a lawyer draw something up for you and basically rent it out to the new owner until they've paid it off.

My girlfriend's brother built a lot of houses on his own on some land he owned and had to do owner-financing for some for reasons like this. Not too big of deal. When there's a will, there's a way :)

Your solution to the small mortgage is this. Join a credit union or local bank and get a signature loan for the small purchase amount. Many small banks still also have CD loans where you buy a CD for the same length of the loan which would act as security for all or a portion of the loan. These loans don't involve the need for appraisals, documents and such that make a small mortgage cost so much to close.