Conventional loans on $30,000 homes in Detroit owner occupied

12 Replies

Yes, very much possible I have bought that low just ask around for different lenders. All banks dont have a minimum loan limit just call and ask around. I use Huntington for my purchases that low.  

I have had luck in talking to a local Chemical Bank branch.  They are heavily involved in the Detroit market and will make smaller mortgages.  Also, the local Credit Unions are good.

Vague to many variables that affects the the numbers. Location, condition of the home, tenants, finishes. From my experience with mine I get around 800 can raise to 850 I want to push it but mines area in good area like east english village. 

Originally posted by  Summers:

Yes, very much possible I have bought that low just ask around for different lenders. All banks dont have a minimum loan limit just call and ask around. I use Huntington for my purchases that low.  

@Keyonte Summers Are you getting the loans with Huntington under your name or LLC? Does loan include price of home plus rehab or just the home purchase price?

@Rayisha B. You can get them in both person or LLC. LLC rates are higher so personal name than title to LLC. The Loans are for purchases. I usually use my heloc for rehabs or if purchase cash rehab and than refi later

@Keyonte Summers

Good stuff as I am also an OOS with my eye on the Fitz/Bagley area as I am in Detroit now driving the blocks.

When applying with Huntington, have you had any issues going through the process? Do they require tax returns and is an appraisal necessary? Have you ever refinanced with them ?

Let us know your experiences and Appreciate any insight that you may have!

Will be out there again the last weekend of the October. Would love to connect, if you are around !

Originally posted by @Tristan Taylor :

@Keyonte Summers

Good stuff as I am also an OOS with my eye on the Fitz/Bagley area as I am in Detroit now driving the blocks.

When applying with Huntington, have you had any issues going through the process? Do they require tax returns and is an appraisal necessary? Have you ever refinanced with them ?

Let us know your experiences and Appreciate any insight that you may have!

Will be out there again the last weekend of the October. Would love to connect, if you are around !

I finished a refi last week with them and the require them normal financial statements like tax returns ,W2 and the order the appraisal which you pay for and it's 75% LTV , the areas you are searching now are over saturated at this point and I wouldn't recommend them anymore.

My refi was from an investment property, I have several with them they dont include rent if you have a signed lease and the 2 years of rental income on your W2