Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Jamie Malsberger sometimes that loan minimum is a little tricky. Lenders don't make very much money (and sometimes lose money) on smaller loans and that's why so few lend on lower amounts. There are ABSOLUTELY lenders who don't have loan minimums. I know of 1 in Pennsylvania that can fit your parameters so feel free to PM me but also feel free to post this in the PA forum. Bigger Pockets does have state specific forums and you might get some good locals to respond to you there. Good luck!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Jamie Malsberger sometimes that loan minimum is a little tricky. Lenders don't make very much money (and sometimes lose money) on smaller loans and that's why so few lend on lower amounts. There are ABSOLUTELY lenders who don't have loan minimums. I know of 1 in Pennsylvania that can fit your parameters so feel free to PM me but also feel free to post this in the PA forum. Bigger Pockets does have state specific forums and you might get some good locals to respond to you there. Good luck!
Lender · Chicago, IL · Member since 2018 · 352 posts · 147 votes
7y
@Jamie Malsberger you are looking for a standard loan. That min requirement per unit you were told was just the banker making things up, on conventional market , $50,000 is the minimum loan per property regardless how many units.
@Jamie Malsberger you are looking for a standard loan. That min requirement per unit you were told was just the banker making things up, on conventional market , $50,000 is the minimum loan per property regardless how many units.
PM me if you need more assistance
There is no standardized minimum loan amount on the conventional market.
Lender · Chicago, IL · Member since 2018 · 352 posts · 147 votes
7y
@Sam B. unless lender is FannieMae or FreddieMac direct, yes, I don’t know any conventional lender that will go below $50k as you run into HPML issues.
@Sam B. unless lender is FannieMae or FreddieMac direct, yes, I don’t know any conventional lender that will go below $50k as you run into HPML issues.