Loans in Cleveland, OH

[Chris Mcdonald]

The broker and loan officer I was working with for months informed me that there was a recent rule passed in Ohio that loans under 130k aren't being issued or very hard to get. This has discouraged me from looking in the Cleveland area. I have not found any news or articles verifying this but would like some more information about if it's true or not. 

Thank you

C.M

[James Wise]

Originally posted by @Chris Mcdonald:

The broker and loan officer I was working with for months informed me that there was a recent rule passed in Ohio that loans under 130k aren't being issued or very hard to get. This has discouraged me from looking in the Cleveland area. I have not found any news or articles verifying this but would like some more information about if it's true or not. 

Thank you

C.M

 Maybe a rule at his company, but there is no issue getting loans on properties in Ohio for much lower than that amount. I broker countless financed deals in the sub $100k price points in Ohio where the buyer is using traditional financing.