If A Mortgage Company Says They Don’t Do Mortgages For Under 100k, Does That Mean We Have To Buy A 100k Home?
mortgage
It appears that many of the mortage companies don’t do mortgages for less than 100K (unless they’re smaller lenders and many of the homes i’ve looked at require proof of funds from known lenders).
Does this mean that we have to get a home that costs at least 100K. The homes I have seen and were interested in were around 85-90K.
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Actually the house will have to be more, the mortgage will be 100k, but you still have to make a down payment. 110k at least.
There are lenders who will do 80k, Go to a mortgage broker in your town. Ignore the scum you will hear from after thsi post, there are lots of dirt bags looking for victims like you.
That’s exactly what it means. Mortgages for less than $100K take the same amount of work to process as do larger mortgages, and the interest earning potential is lower. Thus, many lenders simply won’t bother with ‘smaller mortgages’. You will need to find a lender willing to handle a smaller loan. Expect a higher interest rate from such a lender.
Lenders make money when they loan money, but there is a break even point and anything under $100K doesn’t make money. Most folks buying homes under that pay cash. Work with a realtor, they can put you in touch with companies that may provide that size loan.