Property not meeting minimum requirements for a refi
I’m having a hard time refinancing since my single family unit is under $100k. The majority of banks all have minimums of $125k. I’m investing in a location that rents well but the values are not meeting the minimum requirements. by wiseb98 from Fort Lauderdale, Florida. Mar 10th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Due to goofy government rules about how much closing costs can be as a percentage of the loan make doing smaller loans (under $100,000) problematic for lenders, especially non-bank lenders and broker. various lenders will have different rules. For example, we will lend down to $70,000. Just call around a bit more... You'll find someone. Talk to a local mortgage broker about your exact situation. I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
