Looking for a Lender for a Low Value Refinance in Atlanta
Hi Everyone,
I am closing on a property soon in the Stone Mountain area. It is a condo that should appraise in the ~60K range. My partner and I have reached out to a few larger/national banks in the area and they do not have an option to do a cash out re-fi for a property of that low of value. Has anyone had success refinancing properties in the price range?
Going to start called the local credit unions and local banks when they open Monday, but was looking to see if we can eliminate time calling around if anyone has experience with this.
Thanks in advance!
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You're going to run into a problem with the loan amount being too low. While there isn't a "minimum" loan about, you're pretty close to what is actually feasible. There's a law that is meant to prevent low-income borrowers from paying too much in closing costs and it's made it really difficult to lend on a loan about below ~$50k. The other problem you are running into is most lenders are still trying to work through their re-fi books now and are still slammed - even though the purchase business has dropped off ~35%.
Credit Unions and the banks local DeKalb are probably the best bet right now for something like this. One might require you to become a member and open an account there. I'll look through a few e-mails and see if any name sticks out.