Assistance needed thank you

[Tiara Fair]

I recently purchased/ mortgage my first residential home in December 2023

Now I'm trying to purchase my 1st investment home in Detroit Mi. Having trouble finding a lender to lend no more than 60,000 with me putting down around 15 percent . Any advice 

[Travis Biziorek]

Hi Tiara, I don't think any lenders are going to lend $60,000 and take 15% down.

Generally, with investment properties you're looking at 25% minimum. And right now lenders simply aren't writing loans for less than $50,000.

That means the house must appraise for at least ~$67,000.