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What lender’s could I get a mortgage from on a house in Mobile AL that costs about $ 30-50,000.
Someone told us that banks won’t make mortgage loans on amounts under $ 100,000. We don’t want to spend that much. My boyfriend just got a full-time job this month and is making $ 50,000 a year and he has pretty good credit. His AGI was about $ 25,000 last year and $ 40,000 the year before that. This year he made only $ 2600 so far. What are our chances of getting a mortgage?

1 Thought on Mortgage Info for Mobile AL on a $30-50,000 house?
  1. Reply
    BullRooster
    February 10, 2014 at 9:28 am

    I’d go to a small local bank and see if they’ll make the loan for you. They might do it though 30K is pushing it, but on a 50K loan I bet they’d do it. However, having only made $ 2600 so far this year I doubt you’ll get approved, even though his income the past 2 years was ok. You may need to wait until he’s had this job at least 6 months (a year would be better) before he’d get approved for the loan.

    Know what though, no harm going into a small local bank now and just asking about everything. They’ll be able to tell you about what income you’ll need and how much they’d be able to lend and then you’ll know what to expect.

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