Updated over 6 years ago on . Most recent reply
Financing deals under 50K
Hi everyone. My question is, how should I go about getting financing on such a small loan amount? My situation is as follows: I'll be working remotely in Lansing, MI for 2 months out of the year to help out family and renting the property out for the other months. I grew up in Michigan and lived for a number of years in Lansing so I know the area, and I'm finding homes that I could work with (small 1-2 BR 1 BA) but the loan amounts I would need are so low I'm not sure what my options are. In many cases the loan I would need may be somewhere in the range of 20-30K. Is it realistic to be able to find a type of mortgage or loan with a term of 15-30 years with such a small amount? I've looked at just using a personal loan but I was hoping to gain a long term length from what I was seeing on personal loans. I'm a little lost and not a whole lot of experience so any advice is more than appreciated. Thank you!
Most Popular Reply
Hey Jacob, have you reached out to any local lenders yet? I don't have personal experience but being that there are many homes for sale in the area under 50K seems like they would realize that this is a situation that persists in the area and would offer lending for it. Alternatively you can look for a seller financed house that will fit the bill, local investors sell on financing often here, you just need to expand your network. I would start with Dart Bank, I have used them and they have been great.