Mark H asked:
Is there a dollar minimum for a mortgage? i.e. can it be for $30k? $20k? $10k?
Thanks for the answers: Follow up – other than cash is there any options in the $25-$40K range then? Closing costs make it uneconomical below $50K and as readers have written, most banks don’t borrow. This is for investing not home owners. Thanks
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Is there a dollar minimum for a mortgage? i.e. can it be for $30k? $20k? $10k?
Thanks for the answers: Follow up – other than cash is there any options in the $25-$40K range then? Closing costs make it uneconomical below $50K and as readers have written, most banks don’t borrow. This is for investing not home owners. Thanks
Instant Auto Insurance Quote
Tags: Banks, Closing Costs, Dollar Minimum, Investing, Mortgage, Options
5 responses to What is the lowest dollar amount you can get on a mortgage?
Student Loan Refinancing
1 Cent is the minium.
Of course you’ll pay more in Fees than the Mortgage.
Instant Auto Insurance Quote
Just about any bank will not make mortgage loans for under 40K or 50K.
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Credit Report
Most companies in the US won’t touch anything under 50K anymore
Fixed Rate Home Equity Loans
That would depend on the area in which you reside. FHA and VA has placed a ceiling on the amount they will insure on a mortgage loan. In some areas this ceiling is higher that in others,such as in California the ceiling is around $ $425,000 whereas in some of the southern and mid west states the limit is lower.
Now about the lowest mortgage you can obtain. Again that is primarily a regional situation as some properties in the south and mid west are inexpensive, and those purchasing a home would still need a mortgage loan.
I would say that the minimum would be around $20,000 perhaps $30,000 as the lender might not be able to sell that particular mortgage to anyone.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
What is the lowest dollar amount you can get on a mortgage?
Fixed Rate Home Equity Loans
Gosh…so many people answering that have no clue.
Typically the lowest they will go on a mortgage is $10K or $15K.
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