Yes - you need to find a portfolio lender in your area. A portfolio lender is generally a bank (or credit union) that does not resell the loans it makes. Forget about national banks (Chase, Bank of America, etc.) and look to the smaller, regional banks.
Make sure it cash flows before you take out the loan - less expensive houses are tough to cash flow with a mortgage on them.
Hi @Edward Fagbemi, the answer is probably not. Or at least not through a conventional lender. Most won't look at loans for that small an amount because they just can't make any money on them. If you belong to a credit union, you might inquire with them. Good luck.
Yes - you need to find a portfolio lender in your area. A portfolio lender is generally a bank (or credit union) that does not resell the loans it makes. Forget about national banks (Chase, Bank of America, etc.) and look to the smaller, regional banks.
Make sure it cash flows before you take out the loan - less expensive houses are tough to cash flow with a mortgage on them.
Yes it is possible but it is tough to find a lender who will do it. You need to keep in touch with various smaller local banks as their programs will change from time to time.
One option is a hard money lender. Neil Roseman of Block M investments will do a 5 year amortizing loan. Not much cash flow for 5 years but then you own it free and clear.
Another option is combine multiple properties so the loan amount is larger and worth the banks time.