what is the minimum amount of a home loan that you can borrow ? (whats the lowest amount you can borrow).

Asked by D.Wiley, Detroit, MI Wed Dec 29, 2010

Answers

11
Robinritaa, Home Buyer, Dallas, TX
Wed Jul 22, 2015
Normally the big lenders start at $50,000 loans. If you want one smaller you need to find a lender that holds loan in house or will loan a smaller amount. You will need to call some lenders or banks and just ask.

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4 votes
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Sharstad, Home Buyer, Plymouth, MN
Mon Jul 14, 2014
Just asked- Wells Fargo morgtgae. They have no minimum mortgage loan amount. They are concerned about being sued for discrimination. There HELOC loan minimum is A $20,000 line of credit.
1 vote
Jessica Bran…, Home Buyer, Hillsboro, KS
Wed Aug 23, 2017
I was told once upon a time that the closing costs could not exceed a certain percentage of the loan amount, And closing costs are a fairly set amount. Not sure what those numbers were, but for example, $2,000 in closing costs can't be more than 5% of total loan amount, means loan can't exceed a total of 43000 or so. Is there any accuracy to that and is that part of where the "limits" are established from?
0 votes
Mary Novak, Agent, Brighton, MI
Sat Jan 22, 2011
Also, try a credit union. I have a client who is getting her financing from ING--onn line. I am not sure if you need to have an account with them already to be approved.
0 votes
Jim McDonald…, , Grand Rapids, MI
Fri Jan 21, 2011
Typically, lenders don't go lower than $30,000, each lender has their own limit so you should check with your mortgage loan officer to see what lender they intend to use and ask what their low limit is.
0 votes
Voices Member, , Red Wing, MN
Wed Jan 5, 2011
For most lenders you are indeed looking at $50,000.
Some of your local banks may go lower if you are currently a customer of theirs.
There are also hard money lenders who may be able to help you but you will have high rates and upfront fees (points).
0 votes
Go, , Clinton Township, MI
Wed Jan 5, 2011
Some Credit Unions do not have minium loan amounts, though for less than 30K it may be difficult to justify paying the closing costs in comparison to the loan amount. I work for a CU in Clinton Township (we lend throughout the state of Michigan) & we will write a loan for 30K, but we prefer to structure it as a 10 or 15 year fixed rate loan.
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Thu Dec 30, 2010
good afternoon...first national bank in east lansing used to do residential mortgages as low as $10,000..but check them out here fnba.com call their 800 number and ask for the residential lending dept....
best regards...
bob mcclure
mortgage one
brighton, michigan
0 votes
Lynn Crosby, Agent, Dallas, TN
Thu Dec 30, 2010
Most national lenders will only loan money typically for $50,000 or more.

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0 votes
Don Tepper, Agent, Burke, VA
Thu Dec 30, 2010
It depends on the lender and other factors. But it's often very difficult to borrow less than $50,000.

If you're looking at a property where the amount to borrow would be less than lenders would be willing to lend, there are a number of other ways to handle it. The easiest would be owner financing. The seller becomes the "bank" and you'd pay him/her back directly. You might also be able to find private financing. That could be an individual with some IRA money, for instance, or a private lender. The interest rate is likely to be higher than you could find on the open market (for higher-amount loans), but the difference between monthly payments on a $40,000 loan at 4.5% versus, say, 6%, is insignificant.

Hope that helps.
0 votes
Jim McCowan, Agent, Arlington, VA
Thu Dec 30, 2010
It's all going to be based on the price/value of the home.
0 votes

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