Lowest loan amount in 2022?
What’s the lowest amount you can borrow for a loan in 2022? I’ve read some articles that say $60k while others say it’s $80k. How can I know for sure? I live in Detroit, Michigan and I plan to buy my first studio apartment. by arnold88 from Detroit, Michigan. Feb 2nd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
There is no "official" low number. With that said, many lenders start not offering loans once you get below $100,000. This is because government rules put into place after the crash in 2007 to protect borrowers from high fees start making it hard to offer loans without violating the rules. Different companies will set their own limit, which is why you see these different numbers. My company won't go below $60,000 for example, and some programs we offer won't go below $100,000.. This doesn't mean you can't get a smaller loan. it just means your options dwindle. I lend in MN Wi IA SD and ND. Find me at WI-MortgageBroker.com, Cambria Mortgage, NMLS 274132
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