Can I get a personal loan for a very cheap foreclosure? I’m aware banks wont lend less than $50k.?
The house is listed as $18,000. I have $3,000 for a down payment. I have plenty saved for closing costs. It qualifies for HUD for fixing up. It is in “fair” condition, and I do plan on living there as I fix it up. It is a two-family. Please do not ask more questions as I will not answer them. Please do not insult my intelligence, I am an educated and financially stable adult and I Do Realize What I am Getting Into. I am simply finding it very hard to get a straight answer from anyone. So: Will a bank give me a personal loan @ about $15,000? and Will they necessarily ask me what it’s for, if they do? Thank you in advance. 
Good answers everyone! (And not just because they’re what I want to hear!) I do have good credit, and for the amount I want to borrow, I’m sure I can swing the payments as I am debt-free and very few bills. The only down-side is that I’m a college student, one year away from a full certification in teaching. I can take on roommates if I have to, but I don’t think I’ll need to.
Ok, so maybe not Everyone’s answers were good, but those of you who answered well and weren’t trying to scam me, you know who you are! Thank you!
They don’t care what a personal loan is for, just the proof you will pay it back. If you have excellent credit, good income, and good income to debt ratio, you should be able to get a loan for that amount. You won’t really know until you get your paperwork together, sit down with a bank rep, and make the request.
If you can qualify for the loan take the minimum that they want you to borrow. Anything you don’t need you can pay back as extra principal on the loan. It’s what I did when I refinanced my 2 family home
Not likely a bank would loan on this. You need a private investor.
Yes, you can get a loan. No, they do not care what it is for, as it is “personal”.
However, you will have to have assets to use as collateral.
Sure, you can get a personal loan for $15,000 to fix it up. The lender does not care what you are borrowing it for as long as you pay every month. Personal loans have a shorter term, 5 – 10 years is typical, and a higher interest rate.
What I would suggest is taking the personal loan out to get started, then once the house is in better condition and you have stable employment, checking to see if you can get a mortgage on it. This could very well make sense if you are going to stay in that home and if it appraises for enough, you could get some cash to make some serious renovations. But that is stuff you can think about down the road.