Is there a minimum limit to home loans?

[amdhunter]

I saw a co-op that I liked, and it's only ~54k. Cheap and small, but it will allow me to have 2 places to live, both with parking and I'll still be OK with money.

Is it even possible to stretch $54k (probably finance only $40k or so) over 30 years?

 

[Charles Kozierok]

Loans are generally prices on a per-thousand basis. I don't believe there is any real minimum, but some institutions may steer you towards a credit line rather than a full mortgage if the amount is below some threshold.

Shop around.

 

[GagHalfrunt]

There isn't a legal minimum, there might be a minimum depending on the policies of a given lender. Some might not go below $50K, but you can surely find somebody who would write $20K or more.

 

[DesiPower]

You can borrow as little as 40k iirc, but might be hit with higher loan origination fees and interest rates and other fees, which, cannot be bundles into the loan.

 

[FoBoT]

certain types of mortgages, i think from FHA? can only be for your primary residence, not a second home/summer home, vacation home, etc

other than that, it shouldn't be a problem

 

[DaveSimmons]

This is ATOT, you should just pay cash like I would

 

[amdhunter]

Yeah, I am thinking leave a small downpayment and if I ever find something better, I won't lose much if I choose to resell.

I am going to see it tomorrow. It's been on the market for only 4 days. Hopefully I'll get in on it.

 

[rivan]

My first house was a duplex I bought for $55k. Nobody said anything about it being a weird, low amount.

There are homes all over the country worth a whole lot less. Just hit any depressed urban area up on Zillow.

 

[amdhunter]

certain types of mortgages, i think from FHA? can only be for your primary residence, not a second home/summer home, vacation home, etc

other than that, it shouldn't be a problem

I don't think I'd go with a FHA with this low a price. It would be more trouble than it's worth. I am pumped. It's a really small place, but perfect location for me.

 

[boomhower]

A lot of lenders won't go lower than $50k but it will vary with every lender. I bought my place for $58k earlier this year and they were fine with it.(Wells Fargo)

 

[Train]

If it's that cheap, why stretch it over 30 years? you'd save a lot by doing a 15 year.

 

[Puppies04]

If it's that cheap, why stretch it over 30 years? you'd save a lot by doing a 15 year.

Or just buy it with this months paycheck, this is ATOT you know.

 

[amdhunter]

Or just buy it with this months paycheck, this is ATOT you know.

lol, I could probably swing cash if I asked my mom for money. I'm the only one in my family who never asked my mom for money - so she owes me.