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Updated about 9 years ago on . Most recent reply
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Getting a Mortgage Under $50,000
Hello Everyone,
I'm currently looking to buy rental property up in Buffalo. Currently, the houses I've been looking at are $50,000 or less. I have enough money for the down payment, but I have heard that a lot of the bigger banks don't offer mortgage loans for anything below $50,000. I am planning to start my search soon, but was wondering what are my other options if I am unable to get a loan from these financial institutions.
Thank you in advance for all of your help!
Most Popular Reply
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We the good news is that there are other options. But as far as I know none of the terms on the other options will be as good as the "conventional" loan you could get from a big bank.
Here are some options:
Hard money: think expensive
Private money: friends and family also
Portfolio loans from small regional banks
Commercial loans from banks
Save up and pay cash
Might even use a credit card on a $5000 house
Collateralize something that you own