I only need a loan for 45K, is this something that can be done?
In other words, what is the minimum loan amount one can take out? I am planning to pay most of the purchase price in cash. by georgina.t09827 from Bloomfield, Connecticut. Nov 2nd 2015
Teoman Turut (teoturut)
#39 ranked lender in Connecticut - 13 contributions
Conventional home loans are typically capped at $50,000 minimum loan amount per Fannie Mae guidelines.May be your local credit union or a community bank can extend you a $45K home loan.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
because lending laws limit the amount a lender can make on a loan, typically, the lower loan amounts do not pay enough to be profitable.. some go down to $40K some $50K, some wont do a loan under $75K.. so if you shop around, you will probably find someone, but don't expect to get those really low rates you see advertised.. lower loan amounts will always have a higher rate... 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
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