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Mortgage under $100,000

We are looking at purchasing a home for $75-80k. I've heard that rates on mortgages under $100k are higher. Is this true and if so how much higher can I expect? by Ricky.vaught751 from , California. Jul 29th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Hello Ricky.. Much more info needed, but the short answer is yes.. rates are typically higher if you are financing a lower loan amount.. but other factors contribute to what the interest rate will be.. Credit scores, Property type (SFH, condo, MFH, 2-4 Units, etc..) Occupancy type (owner occupied, investor, 2nd home, etc..) loan to value, etc.. all these things can affect with the rate would be.. In your scenario, you are looking for a $75K to $80K purchase price.. but how much are you putting down? If you do 20%, the you would be financing $60K to $64K.. Most lenders have minimum loan amounts.. some are $50K.. some are $75K, and others are $100K+.. Our minimum here is $50K.. but again,, without knowing your exact loan details, it's impossible to advise you.. If you have 5 minutes, I'd be happy to talk to you and gather the necessary info to be accurate.. with that we can discuss what options are available to you.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 31st 2017
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