@bigalkescott514 wrote:
Can I get a Mortgage of 40k? I know that is low but up by where my Aunt has a cabin in UP Michigan near superior they have really cheap homes and I want one! I already Prequalify for 75k but I need lower. Home is listed for 22k and I want 40k to add some things to make it to my liking. I could event transfer my job up there!
Yes, small mortgages are possible, particularly with local/regional banks. So are mortgages that have enough built into them for making improvements.
If you are borrowing more than the current worth of the house, your lender will almost certainly require you to have the repairs and upgrades done by a licensed contractor or to prove that you yourself have contractor-level skills. No unlicensed handymen allowed for this purpose.
