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
Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
11y
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.
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
@Chris C. 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.
Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
11y
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.