Updated about 9 years ago on . Most recent reply
Loan amount
I'm from the Metro Detroit area and I'm considering purchasing my first rental. Talking with the bank today my broker told me that in order for him to do a loan the amount had to be at least 60k. After my 20-25% down. I've dealt with this broker on several other deals and have always been satisfied. I'm just curious if banks will no longer loan less then 60k on a investment property or is this just the mortgage company I'm dealing with? Any feed back would help I'm new to Realestate investing.
Most Popular Reply
New lending regulations haven't helped. It costs more to process every loan so smaller ones are proportionately less profitable. It is just a matter of looking around. different lenders different rules.