Anyone know of a good source for low loan amounts on rental properties. I have 2 rentals that I need to rate and term refi at around 23k. I’ve been on title for about 30 days and my mid score is in the 640 range. Can prove income with pay stubs.
probably your local banks or worse case a hard money lender that goes out to 2 or 3yr terms.
houses would appraise for around $35k-40k each.
700 one and 575 the other. they cash flow according to 70% of rents
you shouldn’t have an issue with a refi unless the houses are in areas where the minimum mortgage is 50k. I would refi the one with the 700 rent at 45k
It’s only worth probably 40k at best.
you should get your properties appraised. with rent of 700 you value should be in the 70k range, unless your house is the only one in the area that’s getting rent that high