Loans for under 58K, banks wont finance
Hello,
I wanted to know if anyone had any advice for aquiring loans for under 58K. I am actually looking in the 30K to 40K price range. I will be using the cash to purchase rental properties. The banks wont go that low.
Most Popular Reply
@Ned Carey is right about the effort thing above.
- Google search "poorest zip code in North Carolina" and find out the LOs doing those deals in that zip code.
- If Google doesn't help, start calling listing agents in those areas and just say "hey I think I might be interested in 123 Main St, but my lender will not go that low in loan amount given the down payment I wish to make. Do you have someone you could refer me to, in order to get preapproved?" and they will have someone.