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Answers (6)
Best Answer
- David Stein, "Military Loan Expert"
- Contributions:315
True, because the risk vs reward factor. You should try a local bank or a credit union. Hope that helps.
- Scott Butcher, "Central TX Expert"
- Contributions:109
True, my firm won't look at a loan under $75K in house; however, I can 'broker' down to a $50K loan limit.
It's become all about the economics of the loan in that the same amount of work goes into a $30,000 loan as a $300,000 loan but the $300,000 loan pays much better.
It's become all about the economics of the loan in that the same amount of work goes into a $30,000 loan as a $300,000 loan but the $300,000 loan pays much better.
- Chris Corica, "Chris Corica"
- Contributions:1075
True. Smaller loans can reach the "high cost" designation before the Loan Originator makes a penny. Not many willing to work for little or nothing.
- John Cannata, "TexasLoanGuy"
- Contributions:16
Unfortunately, this is very true. Most lenders will not go below $45K and some are even slightly higher than that. David's suggestion on trying a local bank or even a credit union is probably your best bet. They will provide a decent rate and are usually pretty prompt.
Good luck!
Good luck!
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2733
true - some won't take below $50,000
- Dave Skow, "daveskow"
- Contributions:1105
true
Most lenders don't want to make small mortgages say less than 35K. True or False?
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