Finding a lender for a $39,000 Buy and Hold...

[Tyler Deck]

This is my first post on the BP forums!!! The SHORT version is- who would give me a 30 year term loan on a $39,000 row home? After about a year and a half of studying, and becoming a licensed agent and getting some of those deals under my belt it was time to buy a rental! I bought a $39,000 single family row home in Columbia Pa. I've put only a few hundred into it so far and will do carpet and flooring and have it ready to go! I used a HELOC secured against my primary residence to purchase the property. I recently learned of Delayed financing! (didn't we all learn it for the FIRST time last week on the podcast lol) So I understand it would have to be 75% LTV, and my math was done expecting to hold it for a year but I LOVE the fact I can get financing on it now. My question is- who will loan on a $39,000 property!?! I've spoken to 3 mortgage brokers, my bank and my credit union. All have a $50k limit. I appreciate any help, and I'm happy to be a posting member of the BP forums!