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Updated about 2 years ago on . Most recent reply

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46
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29
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Kass Farran
29
Votes |
46
Posts

30 YR Conventional for properties less than 100k?

Kass Farran
Posted

Hi everyone,

Going off of my previous experience from when I was an MLO at QL (Rocket Mortgage now). I know I had a lot of trouble on conventional products for clients that were looking to finance properties under 100k. Usually we'd have to go the FHA route, even if their credit and income was fine.

Looking back at how QL did things I wouldn't be surprised if this was just an overlay and underwriting condition applicable just for us but I'd like to get some insight from the MLOs and Brokers that are currently in the industry outside of the RKT bubble.

Are you approving individuals on 30 YR Conv terms for $60k, $70k, $80k loan amounts? MFH? Mobile/Manufactured? 

Most Popular Reply

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224
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220
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Jon Puente
  • Lender
  • Charlotte, NC
220
Votes |
224
Posts
Jon Puente
  • Lender
  • Charlotte, NC
Replied

Hey Kass, 

Coming from an independent mortgage broker here in Charlotte, NC! There are a lot of lenders who have loan amount minimums, for example 60K, or 75K, or 100K. 

As a mortgage broker, I do have a few lenders that will lend on 100K amounts or lower with no overlays.  I actually had a lady recently wanting to purchase a 50K home using a Conventional loan.  So yes, you can do those types of loans.  

However, the rates/terms are not as aggressive given that they are smaller loan amounts, but we can do them all day long if that is what the client is seeking.  Feel free to DM me for any other questions!

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