30 Jul Impossible to finance a property under $100k?
I've been looking at a few properties in the $70-$100k range, but apparently, according to a lender I talked to, traditional mortgage lenders can't lend on these due to laws about the ratio of loan origination fees to the loan amount.
Has anyone dealt with this before? Is there a way around it, or am I stuck paying all cash if I want these properties?
If you've worked with a lender on something like this I'd love a recommendation.
EDIT: Wow, thanks everyone, I guess this lender must just have higher origination fees than most. I'll talk to more lenders.