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Apartments in Detroit, MI
Real estate in Detroit, MI
is it true that it is difficult to get a loan for a home under 40,000 dollars. I was told the lender is not interested with anythnig lower than that
realtor/lender told me that banks are not interested in loans lower than 40,000 dollars because it's not worth it. thay can't make money. is it possible to get a homeloan for any amount less than 40,000 dollars?You must have a HotPads account to post. If you already have an account, please login or create an account.
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while it is true that lenders don't like loans under $50K, you still have several options open to you:
+ Find an owner who is willing to sell on land contract (some of our investors/landlords do this very successfully) - which means the owner is playing the bank/lender for you (kind of rent-to-own)
+ Get a HML (hard money loan)... these are usually extended for 6 to 12 months, and you pay interest only during that time.
+ Find a bargain property in your area, like a 'Handyman Special' (in Detroit i.e. they are priced between $2K and $10K), and pay cash (family, friends, credit card, credit line etc.)
+ Buy a duplex, and have instant income while enjoying your portion of the property.
Conny Wolfram, M.A.
(owner)
CoW Properties
We broker nationwide REO's
www.CoWproperties.com
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