FHA does not have a minimum, however lenders do.. Because of the current laws, a lender can only charge you up to 5% of the loan amount in total origination fees.. so on a $30K loan, the most they can make is $1500, and that doesn't even cover most underwriting and processing fees.. so most lenders have a minimum loan amount of $50K.. Banks on the other hand are not bound by this law.. so they can charge you whatever they need to make the deal profitable.. (Probably one more reason to stay away from the "Big Banks").. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.comAug 8th 2012
The answer depends on your area. Most Mortgage Bankers or Mortgage Brokers will not do a loan for less than $50k. If you are looking for a real small loan, I'd refer you to a local Community Bank or Credit Union since they re governed by different rules and can do smaller loan. Good luck. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950Aug 8th 2012
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