Rental Property Investor · Chicago, IL · Member since 2018 · 34 posts · 5 votes
I am a new Pro member and want to get pre-qualified for quick purchase opportunities of $30,000 to $100,000. How do I find a good low-end residential Chicago area lender? Any recommendations?
Lender · Chicago, IL · Member since 2015 · 67 posts · 43 votes
7y
@Clarence Watkins Just start calling around and see what minimum loan limits different lenders have. Ask if they do ‘high cost’ mortgages, as that is ultimately why lenders will have a minimum loan amount requirement. For lenders who don’t do high cost, I’ve found that the threshold is typically between $40k and $50k. Anything above that should meet high cost, assuming the lender’s fees aren’t abnormally high.