how to buy the houses under 50k?

Question

there are a few houses in the areas I'm most familiar with that are under the 50k price, and I was wondering what are some ways to purchase these? I have great credit and around 12-15k so I have no problem getting pre-approved, but no bank wants to go under 60k and i dont have enough equity in my current home to go that route thanks for any information

Joe Villeneuve · Answer

@Chris Casper PArtner until you have the cash.  Use the cash for an all cash buy...then refi all the cash out, and use again.  Many lenders that won't lend under $50k for a purchase, will for a refi.  If the one one you have access to won't...find one that does.

Peter MacKercher · Answer

Talk to a local bank or a credit union and if they're willing to go under 60K. If they don't want to do a deal under $50 see if they will do a deal if you buy 2.

Peter MacKercher · Answer

@ Marcus Brown

They believe that its not cost effective. It cost them the same if you buy a 50k house or 1m property. They usually charge a %.

Marcus Brown · Answer

Why don't lenders go below that price? And why would they refi on that but not lend for an initial purchase?

Jeremy Tillotson · Answer

with that kinda of down payment I am sure you could get seller financing or take a subject too.

Ricardo S. · Answer

try econohomes website they can help in that situation.

hit financing tab

how to buy the houses under 50k?

Most Popular Reply