Looking at properties in the $50-$60K range and the first three lenders I spoke to said their minimum loan amount is $50K. With the 20% down that obviously won't work. Are there banks out there that will loan less than $50K or would this be a situation where I would have to seek out private money?
Thank you in advance,
Yup. Call one of the listing agents, say you want to write an offer but your lender can't lend that low, and ask for a referral.