How should I finance...?

[Kevin Bynum]

I'm trying to figure out how to finance a purchase on a multi-family that my friend, my friend's dad and I have been looking at. It's only $43,000 but we don't have that amount on hand. Do we have to take out a mortgage in only one of our names? Will it be difficult finding financing for such a low amount? 

Not sure,

Just a newbie

[Charles Worth]

@Kevin Bynum

Where is it? I think you should be ok as the loan would be for $34K loan amount (80% of the purchase price). Most lenders care about the loan amount. I have typically seen a $30K+ min loan amount in the Midwest if I remember correctly. Also, from my recollection there is cut off point (I think its 20% in ownership) for people who have to be on the mortgage with you if you buy using a conventional mortgage but I only asked one person about that for one deal so I would definitly ask a lending officer. 

You might want to try talking to @Jerry Padilla or @Shaun Weekes