small loan for low income family?

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mrstovar
Posts: 33
Joined: Sun Apr 01, 2012 5:21 am
Location: central PA

Sun Dec 02, 2012 7:24 am

We want to move, as soon as possible, into a better neighborhood and a place more suitable for us, esp. for our todler son. With my inheritance money we bought an empty lot, put an old mobile home on, connected it to public sewage, dug a well, now we're trying to bring in electricity, etc, etc. It looks like we'll need $2000-$5000 more than we have in order to be able to move, so I'd like to take out a small loan where I'd owe less than $100 a month and I assume we could pay it all back once we sell this place where we currenly live.

The thing is, we don't qualify for a mortgage, which is why we're trying to move on my inheritanc money in the first place. Would it be possible for us to take out a small loan? If yes, what is the best way to do this? I really don't want crazy high interest rates or anything else that would tend to "reenforce poverty."


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Greg
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Sun Dec 02, 2012 9:36 am

I am a fan of Credit unions personally, If you are a member check there, if not I would look into joining one. Mine is much easier to deal with than any bank I have ever used. They are easy to join, Mine was a $5. lifetime membership fee. I have all of my financial done through them.

I'm sure there are ways to reduce the hook up costs, Possibly do some of the work yourself. If you are going underground, install the conduit & run the wires, Mount the meter box etc. That way the pro's would only need to inspect and make the connections, that should only be a few hours at the most.

Greg
"If I can't fix it, I can screw it up so bad no one else can either."

mrstovar
Posts: 33
Joined: Sun Apr 01, 2012 5:21 am
Location: central PA

Sun Dec 02, 2012 6:48 pm

We live near a small town with just one bank but there is a credit union inthe larger town 11 miles away. I'll have to check into that.

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Greg
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Sun Dec 02, 2012 6:58 pm

Remember that Banks are there to MAKE money, CUs are non profit.

Greg
"If I can't fix it, I can screw it up so bad no one else can either."

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Greg S
Posts: 541
Joined: Wed Jun 18, 2008 10:13 am
Location: Kingston Ontario Canada

Thu Dec 13, 2012 6:12 pm

Assuming you own the land you are intending to move to you should be able to convince the bank to advance a loan. Explain that you will pay it off with the sale of your present home. Should be a no brainer if you provide the necessary guarantees.
Your other alternative is a hard money lender. Assuming you keep the loan and sale of your present home very short the interest rate should not be a issue.

Assuming you intend to sell the home for enough to cover the entire loan amount.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

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