https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 11 Apr 2026 08:32:39 +0000 https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298779 Mon, 17 Sep 2012 15:46:04 +0000 Rock n Roll 298779@https://boards.hellobee.com/ <p>With an amount that low, it might be easier to get a loan than a mortgage. Honestly, I was looking into buying some cheap real estate near the University to live in for the next couple of years and then rent out after that, and I was having a hard time finding a bank that would do a mortgage for less than $50,000. Maybe a credit union would do one? </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298751 Mon, 17 Sep 2012 15:22:05 +0000 MrsLMA 298751@https://boards.hellobee.com/ <p>@Arden: Post housing market colalpse there are lots of regulations on loan amounts in relation to closing costs. DH is a loan officer for a bank and has explained that now its a federal law the closing costs (title fees, bank fees, etc.) can't be more than 5% of the loan amount. So a $15,000 loan might be very difficult to swing unless your lender has VERY low costs. As a baseline, the company he works for (again, a major bank so fees might be a little high) start at $1,000 and then you would have to add in the title fees.</p> <p>Hoping you can find a lender to swing it though! </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298726 Mon, 17 Sep 2012 15:04:38 +0000 Mrsbells 298726@https://boards.hellobee.com/ <p>From the little I know, if you have less credit history you can still get approved for a small home loan but you will get much higher rates than someone with more money down and better credit history </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298709 Mon, 17 Sep 2012 14:51:13 +0000 PurplePumps 298709@https://boards.hellobee.com/ <p>The amount you want doesn't seem too bad, (our home loan is probably 2.5x our salary) but it might be hard without credit and you wont get the best rates. I agree with April_Showers suggestions to build credit first. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298680 Mon, 17 Sep 2012 14:37:02 +0000 mrsjyw 298680@https://boards.hellobee.com/ <p>Agree with Mrs.Jacks. DH is bank manager and I know the basics that without established credit history and no collateral, there is no chance; no matter how small the loan. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298602 Mon, 17 Sep 2012 13:49:54 +0000 April_Showers 298602@https://boards.hellobee.com/ <p>We make considerably more than $15K, but I can tell you what our finacial advisor told us. </p> <p>1. Get 1 credit card (if joint) or one per person. Charge on it monthly and pay it off. She suggested a tank of gas or a bill.</p> <p>2. Get a small loan (for us she recommended a secure loan where you borrow against yourself.) and pay it off on time. We put in $1000 into a CD and borrowed $1000 against it. At the end of the day it cost us total $18 to do this. </p> <p>This is because there are 2 types of credit revolving (credit card) and loan. Then she recommended we purchase a car. Then a year after that apply for FHA to try for a house. </p> <p>Their local bank should be able to sit down with them and have these converastions with them and come up with a personalized plan for them to get them started. (We bank with Capital one, and this service is free to memebers) </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-298484 Mon, 17 Sep 2012 12:53:11 +0000 sunny 298484@https://boards.hellobee.com/ <p>They can always contact a lender to see what they would be preapproved for, in terms of amount and rate. This will be a hard credit pull which does impact your score and stays on your report for a number of years.</p> <p>I'd guess that the rate they would get is going to be rather high if they are approved for anything. </p> <p>If they have no history, I'd suggest building up a score before they try to get a home loan. A better rate will save them thousands over the life of the loan. </p> <p>For instance, I just refinanced my mortgage from 3.375 to 2.75% and I'll save $3000 in interest over the next year. Granted my mortgage is a lot more than $15k! </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-297917 Mon, 17 Sep 2012 06:40:12 +0000 T.H.O.U. 297917@https://boards.hellobee.com/ <p>I agree with Mrs. Jacks. </p> <p>They probably will want to go with an FHA loan because you have to put less down (3.5% last I looked) and the credit score requirement is a little bit lower. However, you have to get an FHA approved home (most fixer uppers and foreclosures dont always meet the criteria) and its a bit harder to get the mortgage insurance off of the loan (actually have to refinance). </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-297880 Mon, 17 Sep 2012 03:59:41 +0000 808love 297880@https://boards.hellobee.com/ <p>Agree with pp. Also they should demonstarte solid commitment to a working budget. Know what their typical expenses are and a plan to meet all of their priorities. Be able to discuss and agree what to sacrifice to make their home ownership feasible. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296869 Sat, 15 Sep 2012 20:52:42 +0000 MamaMoose 296869@https://boards.hellobee.com/ <p>Ditto everything @Mrs. Jacks: has said. Your mortgage payment should never be more than 30% of your income and you should have 6-12 months of living expenses in savings before buying a home or making any large investment. Without good credit history even if you could get a loan it would be at an extremely high rate. It makes much better financial sense to establish great credit before applying for a loan. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296863 Sat, 15 Sep 2012 20:44:30 +0000 Mrs. Jacks 296863@https://boards.hellobee.com/ <p>They should establish a responsible credit history. They can take out one credit card and take care of it in a responsible way so that they can have a credit history going forward. I would also suggest that they not buy a house until they can be assured that their mortgage payment will be less than 30% of their income and they have 6 months of mortgage payments saved up in case something were to happen such as someone getting laid off.</p> <p>In other words, until they are in a stable and sustainable place financially, it would be much better to wait on buying a house. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296844 Sat, 15 Sep 2012 20:27:38 +0000 SleepyMonkey 296844@https://boards.hellobee.com/ <p>No credit history and an income that is low will make it really tough for them, I think. Banks have curtailed lending activity a lot in the past few years post financial crisis and they are still wary to lending to anyone except for those with pristine credit history. Might be tough but I suppose they won't know unless they apply...which by the way might hurt their credit score. They need to establish some form of good history and show that they can make payments on time. Opening a CC and having a very small balance that is always paid in full and on time is a good way to start. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296841 Sat, 15 Sep 2012 20:21:36 +0000 Arden 296841@https://boards.hellobee.com/ <p>I have no idea, we always have (and always) will rent because we move constantly for work. </p> <p>Just curious for someone I know... I'm clueless about this stuff. </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296840 Sat, 15 Sep 2012 20:19:26 +0000 hilsy85 296840@https://boards.hellobee.com/ <p>No idea of the chances, but it doesn't seem like a good idea, no? </p> https://boards.hellobee.com/topic/question-for-finance-ey-bees#post-296825 Sat, 15 Sep 2012 19:58:21 +0000 Arden 296825@https://boards.hellobee.com/ <p>I have a question for bees that might know something about finance and banking and mortgages.</p> <p>For a couple with basically no credit history whatsoever, no assets, and making very little money (think below the poverty line, like $15,000 a year), what are the chances of getting a approved for a small home loan (like $15,000)?</p> <p>I have no idea about this kind of stuff because we have always rented and probably always will (we move constantly for work). I'm totally clueless regarding home ownership.</p> <p>Any chance at all? Thoughts? </p>