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Profile picture for ultrasubharmonica

Can you get a mortgage for a rental property for less than 50K?

I own a primary residence with a conventional 30yr mortgage and an equity line that we maxed out to do a bunch of rehab and upgrades. I'm trying to buy a foreclosure, fix it up and rent it. I've found lenders who will use 75% of the rental income to boost my income levels but a lot of the houses I'm seeing would be a loan between 20-45K-are there any mortgage lenders who would loan a small amount?
  • February 04 2012 - Shaker Heights
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Answers (2)

Profile picture for Caveat Emptor
even if they can't, make sure that there is no prepayment penalty and you can pay back the money in a lump sum as soon as you are sure you won't need it anymore. that could literally be the next day.

the lender makes his fees upfront, so hes incentiveized to work with you on it.
  • February 04 2012
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Hello,

Mortgage brokers can better your questions. They have many ways of working out mortgages.
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  • February 04 2012
  • 1Yes

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