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What is the minimum amount that I can borrow?

Looking to pay mostly cash, but wanted to see what my options were. by marin497 from Temecula, California. Mar 16th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Lenders have minimum loan amounts that will vary one lender to another.. the problem is that the government limits what a mortgage company can charge on a loan and it's based on a percentage (3%) of the amount borrowed.. so on a $50K loan, $1500 is the most they can make.. but if underwriting is $900 and Processing is another $600 for a total of $1500, then essentially, they would be doing your loan for no profit.. For this reason, most lenders set the bar at $75K or higher.. But I will say that if you talk to any financial planner, they will most likely advise you against putting too much down on a home, because it doesn't pass the "Test" when it comes to a secure investment.. Remember "Cash is King!"... and money put down on a home is not protected.. If you lose your job or if you get sick or injured and lose your ability to earn income, and find yourself unable to make the payments.. regardless of what you owe on the home, you could be foreclosed on if you cannot make the payments.. Or if the same happens but you decide to borrow against your homes equity to help with bills until you get healthy.. what lender is going to lend to you if you have no job or income? None! The only way to pull your equity out in this scenario is to sell the home.. And realistically, there are many investments out there that can earn you much more than what you would have to pay for interest on a mortgage.. so why not borrow at 4% and earn 8%+ leaving your money in the bank.. Anyway.. this is what financial planners help you sort out.. You should find someone local and sit down with them and let them give you some examples of how you can leverage your cash without putting it at risk.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 16th 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

In Washington, the minimum loan amounts that I have seen with several different lenders is $50,000.00

Mar 16th 2016
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Jason Wood (jasonwood)
#674 ranked lender in California - 13 contributions

We have a satellite office in Temecula and our main office is in Carlsbad. We certainly can help you with this and provide you with some sound advice as to the best way to proceed. Please call me at your earliest opportunity.Jason Wood 760-217-0820 j.wood@mybbmc.com

Mar 16th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Generally, most lenders will have a minimum of $50-100,000 but some have no minimum. If you're looking below that amount suggest a credit union or possibly a smaller area community bank.

Mar 16th 2016
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

A large bank will allow for smaller loan amounts than most smaller mortgage lenders, and some credit unions. I reside in Marin county. Did you use to live there?

Mar 17th 2016
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