Under $100K Loans !?! WHERE ARE THEY?
One of the local brokers said "most banks aren't lending on mortgages less than 50K these days",
and LENDINGTREE wont even accept an application for <100K mortgages!!!
Where does someone go to get less than 100K or even less than 50K to buy a house? !?!
There are a half dozen near 2% Rule deals around my town just waiting to be scooped up. The only problem is they are well under 100K. Some are like 41K ! !! !
Do i just need to find multiple unsecured credit lines?
This really sucks if i am forced to get a bunch of 8-9% loans.
I would love 5.75% !
But then again,
at such a low $ amount, the closing costs might throw off the ratios.
I have to run the numbers and see the diffences (cash on cash return, particularly) ...
However, the BIGGEST problem i see with NOT getting a mortgage, is the repayment terms.
8% at 5 or 7 years is going to KILL my initial roi.
I will be paying out like 5-700 a month, and these places are likely to be pulling in only 560-800K a month.
:( :( :(
AAAAAAAAAAARRRGGGHHHHHhhhhhh!