All Forum Posts by: Henry Jenkins

Thank you all for your responses. I'm going to try the local branch route.

David Beard thanks for the local investor friendly bank.

I am in the process of locating a property to purchase. I must say that I am excited. Before my search I wanted to get pre-approved for a loan. I was pre-approved through Quicken loans for $100,000 investment loan with 25% down. Although I had that limit I wanted to purchase something more around like $50,000 and finance about $35000. I wanted the security of more reserves and to buy another property sooner.

I followed up with my loan specialist to find out what is the lowest amount I could get financed. I told him my plan of $50,000. He said that could not happen. He stated the lowest amount they could finance was about $67000. He stated that Fannie Mae/Freddie Mac will not allow them to finance anything lower due to it being considered a predatory loan.

My question is have you heard of this? I have seen threads and articles of people financing homes for as low as $35,000. Maybe the problem was it wasn't a conventional loan. I appreciate your feedback. Thanks

Jeff Gorden Thanks for including the contingencies. I am looking at some properties and will be putting in offer within the week. I overlooked some of the ones you pointed out.

Happy Father's Day to you as well! I plan on calling "the old man" and chatting it up a little. Later today I am going to grill for the four "future fathers" in my life (sons). Hopefully they are picking up my good qualities.

Hello BP! I've been browsing the forums for a while now and decided now is the time to post. I am a military member stationed in New Jersey. I am from OH and will be moving back after my retirement in 5 yrs. My goal is to buy and hold 10 2-4 unit properties in OH prior to my retirement. I have been visiting this site for a year and would like to thank you all for the info and guidance you provide every day.