Minimum finance amount for SFR?

6 Replies

Hi, I 'm looking at a SFR for a first rental property. I was running numbers and trying to get an idea about APR on a 15 year loan with 30% down. The purchase price is $48,500. The calculator kept returning "no product available". Is there a minimum that a lender will not go under when doing financing? For under $50k does it need to be a cash only deal? Thanks for any input!

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@Chris Mason that made me laugh. I really figured no one would loan on such a low number. But it's always good to verify. I have a lot of newbie questions and suspect I will ask more than one that will have those with experience rolling their eyes. :).  Thank you, I value your input!

When I see that purchase price w/ 30% down, yielding a loan amount of $33,950 my brain just goes "who cares about the interest rate? put it on a credit card and skip all the BS paperwork I'd have to ask you for."