Our minimum loan amount is $25,000. How much are you putting down? The main reason very few lenders lend for that loan amount is the cost. When you factor in lender fees, any points, etc., the APR (not the note rate) would be rather high and fall into predatory lending territory. The key will be to select a rate that will offset those fees and keep the APR in check.
Feel free to call or email me with more questions. I'm in San Diego (Rancho PQ).
Rene Joseph De Blanco
You can try North Island County Credit Union, as I believe they are a portfolio lender and may be able to put something together for you.
KM Realty, Inc
3530 Camino del Rio North #101
San Diego CA 92108
The reason you are having such a problem is it's hard to package such a small loan amount with much larger ones to sell in the secondary mortgage market. Big banks and mortgage bankers won't even try most of the time.
I would suggest two things, 1) find a small community bank that may portfolio the loan that funds the loan through its depositors and not try to sell the loan or 2) get a home equity line of credit from a local credit union here in town, San Diego town, that is.
The line of credit is variable but should be fine for the next few years while you arrange more permanent financing when the mortgage market loosens up.
If you're having a hard time finding a lender to go that low, or you do find one, but find the interest a lot higher, why not just take out the lowest loan you can find at the best interest rate, and pay it down once you have it? Then, you'll be left with a small loan and a low interest rate.
Are you buying in San Diego? Feel free to contact me directly. I am pretty sure my lender will go that low.
McAllister Homes Real Estate