Home Buying in Ferndale>Question Details

Maria111, Home Owner in Ferndale, MI

What is the lowest mortgage you can get approved for? Are there places that will finance a house for only $30K?

Asked by Maria111, Ferndale, MI Tue Mar 1, 2011

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It is tough to find many brokers or lenders that will go that low. The way loan pricing and compensation structures have changed it is very difficult to do a small loan and make any profit at all. I always suggest to my clients that they check with the local credit union or community bank. Either of those are going to be much more inclined to book a small loan.

Good luck!
2 votes Thank Flag Link Tue Mar 1, 2011
The smallest mortgage loan that my company will originate is $50,000. Most of the lenders (that I am aware of) in Texas require a minimum loan amount of $50,000-$60,000. I agree with Jason...your best chance will be with a small community bank or credit union that originates AND services their own loan portfolios. Best of luck to you!
0 votes Thank Flag Link Tue Mar 1, 2011
Doubt it. The bank won't make that much money off a loan size like that..I think minimum I've seen is 75K.
0 votes Thank Flag Link Tue Mar 1, 2011
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