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Private Lending & Conventional Mortgage Advice

User Stats

31
Posts
12
Votes
Kristopher Lamy
12
Votes |
31
Posts

How to get financing for home under 100k

Kristopher Lamy
Posted Jul 6 2019, 12:56

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?

User Stats

163
Posts
86
Votes
Justin Lanciault
Agent
  • Realtor
  • Washington, DC
86
Votes |
163
Posts
Justin Lanciault
Agent
  • Realtor
  • Washington, DC
Replied Jul 6 2019, 13:27

Buy two properties with the total over 100k.

User Stats

12
Posts
1
Votes
Carl Robinson
  • Baltimore, Md
1
Votes |
12
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Carl Robinson
  • Baltimore, Md
Replied Jul 6 2019, 13:29

@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.

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171
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138
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Melba Chambers
  • Rental Property Investor
  • Norwalk, CT
138
Votes |
171
Posts
Melba Chambers
  • Rental Property Investor
  • Norwalk, CT
Replied Jul 6 2019, 16:35

@Kristopher Lamy try Wells Fargo they will finance as low as 25K!

User Stats

31
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12
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Kristopher Lamy
12
Votes |
31
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Kristopher Lamy
Replied Jul 6 2019, 17:02

@Carl Robinson thanks for the info

User Stats

31
Posts
12
Votes
Kristopher Lamy
12
Votes |
31
Posts
Kristopher Lamy
Replied Jul 6 2019, 17:02

@Melba Chambers thanks for the info

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3,451
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1,419
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Jerry Padilla
Lender
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
1,419
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3,451
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Jerry Padilla
Lender
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
Replied Jul 6 2019, 21:31

@Kristopher Lamy

Under $100k shouldn't be difficult with conventional. Under $50k loan amount is much more difficult with conventional. 

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