Note that if you do manage to finance a home with a mortgage loan of less than $50k, the interest rate will most likely be higher to compensate for the money the lender is losing on the deal. Additionally, while closing costs of, say, $5,000 would be considered perfectly reasonable on a standard mortgage, that represents 10 percent of a $50,000 loan not so reasonable any more.
So in answer to Sandys challenge, the banks and rates available for mortgages under $50k vary by applicant, and you wont find them advertised. Some lenders outright do not provide these small mortgage loans, while those who will do so on a case-by-case basis.
I would advise anyone seeking a mortgage this small to stop for a moment and really think about whether its worth it may turn out that securing a mortgage loan for that little doesnt make sense financially. If you need a loan for less than $50k, consider finding an alternate source of funding, maybe even borrowing from a family member or friend, or simply waiting on your purchase so you can save up the money you would be spending on mortgage payments and pay cash instead.
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