Question by Hailey m: Where can I get a residential mortgage loan?
My credit score is right around 500. I make 32,000 year. I am trying to purchase the house I currently live in that my parents own.
The lender ordered an appraisal that came in at 52,000. I only need to borrow 35,000-40,000. I have steady employment and make 34,000 year. I currently have no other debts except credit card chargeoffs, that I am paying back….which is why my credit score is so low.
The mortgage co. I have been working with says they cannot find a “home for the loan” based on these three things:
1. low credit score
2. no verification of rental history( I’ve always paid my parents the rent in cash)
3. Loan amt. is under fifty thousand.
If you know of any lenders that would loan on this please let me know.
Best answer:
Answer by freakflow1
your best bet would prolly be private money, they charge more (think 2 digit interest rate) but after a year or 2 with them, you could refi conventional.
how to find private money, its not easy 
your best bet is to open your phone book and call all the mortgage brokers in there they are your best bet in knowing where to find you some money
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