Minimum loan amount? - Posted by Chris

import · January 22, 2007, 6:58pm

Posted by Max-Va on January 22, 2007 at 21:44:58:

Usually it is 50K. Local banks sometimes go lower. Seconds and lines of credit go alot lower.

import · January 22, 2007, 6:58pm

Posted by Chris on January 22, 2007 at 19:58:12:

I know that every broker and bank is different, but I was wondering what an average minimum loan amount for a new mortgage is. Thanks!

import · January 23, 2007, 1:37pm

Re: Minimum loan amount? - Posted by Berno

Posted by Berno on January 23, 2007 at 14:37:07:

I’ve had 1st mortgages for $14,000 and $16,000 (hey, they loaned on % of purchase price, not value!). It is getting harder to find banks willing to do under $50k though, but they are out there.