Lower value home loan

I was wondering what the environment is like for getting a lower value loan.

I’m looking for a loan for slightly less than $50,000.

There are some aspects I should be ok with and others that might be more of an issue.

My credit is ok, at around 730.
Just a small amount of debt for a loan that I had to cosign for my mother, of $3000.
I have the down payment of $10,000
I have cash reserves of at 6 months +

I want to purchase a property in a different state than my current residence (Live in California, property in Nevada)
Since it is in a different state, it will have to be loaned as a second residence (at best)
I can verify my employment and income through my employer and pay receipts, but I don’t have any tax documentation from previous years.

Like I said, there are things in my favor and things against. So, who should I approach or how should I go about looking for a home loan?

If any other information is needed, let me know and I’ll do my best to let you know.


I always recommend using a mortgage broker that deals with investors in the state you are looking at investing. A normal mortgage broker will short circuit when you tell him what you have but an investor grade broker will tell you exactly what you need. Look at the local investor clubs for advice. If you contact the clubs here http://www.reiclub.com/real-estate-clubs/Nevada.html you will probably get some advice of who to contact.

I’m not sure why I wasn’t thinking of contacting a broker, but you refreshed my memory!

My next question would have been where to find one, but you answered that question as well.

Thanks for being on top of it, Bluemoon06! :biggrin