I’m a newbie and I’ve been looking at purchasing a rental property in Baltimore city for 100k and less. I’m wanted to finance it using a conventional home loan but its proving to be difficult because small mortgage loans aren’t really done. So i wanted to know what are my option?
Buy two properties with the total over 100k.
@Kristopher Lamy I had the same problem on my first property, If you haven't done so already sign up with local credit unions. Secu and Mecu both are good options for properties under 100k.
@Kristopher Lamy try Wells Fargo they will finance as low as 25K!
@Carl Robinson thanks for the info
@Melba Chambers thanks for the info
Under $100k shouldn't be difficult with conventional. Under $50k loan amount is much more difficult with conventional.