$10,000 Mortgage, Any Lenders?
Not really sure where to post this question, hopefully the moderater can direct me to the right location.
Anyone know of banks that will lend on homes ranging from $10,000 to $15,000? I have good credit and willing to put 25% down on each home. Properties can pass FHA standards or any other standards.
I am NOT looking to retrieve a line of credit or HELOC but instead 15 - 30 year mortgages at 6.5% - 7.5% interest. Any feedback would be much appreciated. Thanks
Are these properties you have actually seen and know about?
OK, as far as the properties are concerned, I have seen them and know there addresses.
O/O would not be possible as I live in a seperate state and not looking to occupy any of the properties. So my choices are limited. Line of credit or HELOC instead of mortgage? Not sure if I want to pay 5-10 points.
Any other ideas? They are bank owned already. Thanks for your feedback!
Thank you for everyones reply. It sounds logical to utilize liquid capital first, season the title, and possible do a refi cash-out at a later time. Looks like this will be my best option. Once again, thanks everyone for you knowledge. Happy investing!