Lenders wont qualify buyers under 100k loan amount.

[Noelle M. Granda]

Hello everyone I'm new here but have been working in RE development (affordable housing) in the South Florida area for about a year now. I have about four buyers that qualify for loans but the lender refuses to do a mortgage under 100k. The purchase price of the homes are about 160-190k but with govt assistance programs the purchase price drops below 100k, around 60-90k each house. I was going to use hard/private money to finance acquisition and construction, I'm using the bank pre-approvals as an exit for the hard/private money lender. Backup exit is to sell to the general public at regular pricing w/o govt assistance programs.