I am looking to buy a few investments properties in the phoenix area. The houses I am looking at are 40-50k but i cant seem to find a lender to lend less than 50k meaning the offer price would need to be 62,500 ( WAY more than the houses are worth)Last time i asked this question 100% of the answers missed the point. so to avoid that this time around...the house is fine, the house is built with in 5 yrs the houses all have 3 or 4 bedrooms the houses have nothing wrong with them. i know i need to get an inspection, isnt that required anyways? i know phoenix is a waste land thats why im not moving there.
San Diego,CA | Aug 25th 2011
by eric.m_...Answer
The truth is that many lenders won't do loans under 50k because they don't make much money on interest over the life of the loan. If you do find a lender willing to go under 50k, don't expect the rate to be as low as if you had a 300k loan either. Good luck.