Mortgage Banks Association
Where to get a Mortgage for less than $100,000?
A lot of banks and online places I’ve researched say that they do a minimum of $100,000 mortgage. Where can I find a place that will do it for less than $100,000?
There are a bunch of great places that I could buy for less than $70,000 but I can’t find a bank to finance them. For the few condos/apartments that do have condo associations or are owner occupant, the banks I found won’t finance them because they are selling for less than $100,000.
Let me know if you know of any bank or investor that I could try?
I knew a man who had over 100 low cost rent houses. He said the banks didn’t like to finance lower proced houses, so he found an individual who loaned money and borrowed from him.
You might find someone like that advertised in the classified ads in the newspaper or in the yellow pages. There are sources other than banks.
Also, some owners will finance houses. I sold to someone the bank would not finance, so I took his note and am carrying his mortgage.
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