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Low Loan Amount-New Construction
Looking for new construction loan with a low lender minimum. Looking to borrow $80 to $90k. It would be an investment property. My FICO is around 660 and want to put 20% down. If that small of loan amount isn’t possible, would like to know the minimum loan amount required.
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1 Reply
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Getting a new-construction loan for an investment property between $80,000 and $90,000 can be difficult because many lenders require a minimum loan amount.
While a credit score of 660 and a 20% down payment may meet the basic requirements, lenders also consider factors like the property type, location, appraised value, loan program, and how you plan to use the money.
The main challenge is the smaller loan amount, not your credit score or down payment. Most lenders require at least $100,000 to $150,000, though some may accept less but with tougher conditions.
To help us move forward, could you share the following details?
- State and county in which the property is located
- Purchase price or estimated total project cost
- Property status: completed or under construction
- Property type: single-family, two- to four-unit, condominium, or manufactured home
- Projected rental income
- Credit profile: If your requested amount is below our minimum, we will tell you the lowest loan we can offer. Then we can discuss increasing the loan, exploring other options, or adjusting the terms to better suit your needs.
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