What banks can finance a single family residence under 600 square feet?
maganda asked:
Hello. I am attempting to buy a foreclosure in San Diego that is a single family residence with a total square footage of 528. I was told it is difficult for banks to finance anything under 600 square feet. The house is in good shape but its tiny. I need financing asap since the bank already accepted my offer. Thanks.
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I dont know of any………maybe hard money loan but you’ll have to bring in a big down payment.
Why would you place an offer without working out the financing first? Hope it was contingent upon financing.
Ask the bank that accepted your offer if they will finance…….they did at one point.
Good Luck
Are you working with a Realtor? Ask them to suggest someone.
If not, Find a Mortgage Broker/Banker who can shop the market for you and find an investor who will finance you.
If you cant find anyone, I hope you made the offer contingent on you finding financing, if not, you are out of your earnest money when you back out.
Good Luck!