Updated over 5 years ago on . Most recent reply
Obtaining Financing. Loans must be >$40k and/or >$50k
Well today I ran into an issue I never thought would come about. I called my bank that I've worked with in the past that I financed multi families through. The house I would like to purchase is about $45k. I have called numerous banks (including the ones I have mortgages through already) and they have changed their parameters and the financing must be >$40k or >$50k for them to proceed. I was shocked. I have NEVER read about this in any books nor have I ever read about it in the forums. Essentially the houses in my area are "too cheap" but if I spend more on a "nicer" house in the 65-85k range, there is no money to be made. Has anyone ran into this before? Advice?