[Calc Review] Help me analyze this deal
*This link comes directly from our calculators, based on information input by the member who posted.
Most Popular Reply
@Robert English Yes, you should get in touch with a lender to get a pre-approval, understand their requirements, make sure you can get a mortgage, and figure out what their minimums are. You won't get a conventional mortgage on a $20k house, you'd need to get short term funding. Even $50k will be cutting it close, so you'll need to check with them
The way that banks work is that you get a pre-approval to know what you qualify for, then you get under contract for a property. Once you're under contract, you lock in the funding