OKC Investment Funding Under $80,000?

[Kara Courtney]

I am getting ready to purchase my first rental property in Oklahoma City, OK and I’m looking at an home that is priced under $80,000.

I plan to put 25% down to get the best rate.

I’m from California and haven’t run into this before... but it seems like there are lending minimums and a conventional loan of $60,000 isn’t something I’m finding easily.

I could likely get a hard money loan or get a HELOC on my primary residence and purchase the home with cash... but I don't like these options because the interest rates are higher than a Conventional loan.

Besides hard money or a HELOC, are there any suggestions on how to get this smaller loan at a reasonable rate?

[Bethany Patterson]

@Kara Courtney

Hey Kara, welcome to the OKC market. I have a pre-approval through First United Bank for mortgage no less than $40,000, and for anything under $40,000 I work with Oklahoma Credit Union. Either of them should be able to take your $60,000 mortgage. We closed with First United last week with a non owner-occupied rate of 5.6% . Not great but seems average for right now. I can send you names and numbers/email if you're interested.