Financing in Detroit>Question Details

Gura, Home Buyer in West Palm Beach, FL

finance for cheap properties in Detroit under 25k?

Asked by Gura, West Palm Beach, FL Mon Apr 21, 2014

Hello
does anyone know how can i finance properties in the city under 25k?
lending companies offered me finance if the property value is over 35k only.


I can be contact also at guraltd@gmail.com
thank you
Daniel

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Answers

2
I use to be in the mortgage business and I can tell you most lenders don't like loan amounts that low. you're better off finding a private lender or land contract.
0 votes Thank Flag Link Mon Apr 21, 2014
what is the lower you think lender will do?
Flag Tue Apr 22, 2014
I saw an article where Detroit is auction their surplus housing market at 1,000 dollar opening bids. Buyer's may not need financing at these low of prices.
0 votes Thank Flag Link Mon Apr 21, 2014
these houses will not end at 1k and will need a lot of money in rehab.
Flag Mon Apr 21, 2014
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