Loan Minimums for NC

[Scott Steger]

After running the numbers on some BRRRR deals in Burlington, I'm left wondering if a bank will finance these cheaper properties. Is there a standard minimum amount that you have seen on an initial (pre-repair) loan? Secondly, does this change during the Cash-out-refinance process? I had one bank say that they won't do a Cash-out-refinance on anything lower than 175K. Is this a pretty standard number?

Thanks!

Scott

[Garrett Coffee]

@Scott Steger

Lowest I’ve seen is 50k. Cheapest house I think you can finance conventionally would be 69k, 25% down leaves ya just over the 50k mark.