Hello Fellow Investors,
I'm new to real estate investing, and I was wondering if it is possible to get a conventional loan under $50,000 these days. Any light that can be shed on this matter would be highly appreciated.
I purchased an out of town/state property in Toledo Ohio. The purchase price was 55k. Since I didn't want to lock my money there, I put 16k down and financed 44k. I felt that having a mortgage is some sort of insurance: no one sues properties that are partially owned by a bank :)
I used AmeriFirst Home Mortgage (see contact info below). They are a national company and if the prices in your area are low, they will probably finance you.
Bldg. 4, Suite B
Perrysburg, OH 43551
Yes, my office can do a $50k conventional. You'd need a 680 FICO and 3% down if owner occupied, 15% if investment property or second home to consider the process. If you are interested, I would be glad to assist you.
Many chain banks (chase, BOA, etc) do not allow loans under a certain amount. Check out small local banks and credit unions that keep their loans in house. I just obtained a loan for a 43k purchase (36k loan 15% down) from a local credit union. These would be your best bet if looking at properties under 50k.
You absolutely can...... Up to ten!
@Tim B. he knows of someone who does business lines of credits....... And maybe a route that you can go. Hopefully he is ok with me tagging him. He is a great go to guy...... When I am unable to do financing for my clients.
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