I'm tracking on all of this. I'm seeing a few houses that I'd be interested in that range but once the 20% down is applied, the loan is below 50k. I'm not looking for a rehab loan, all cosmetic updates that I'll do on my own.
@Bruce Lynn - It would depend on what the fix ups entailed. If the loan was for $50k or more you could do an FHA Rehab loan. These are called FHA 203k and FHA 203k-Streamline. The Streamlined version is for more cosmetic things like new cabinets, and the straight FHA 203k is for more major things that would involve structural items, too. You can also do an FHA Energy Efficient Mortgage if you do a loan for $50k+. Please call me to discuss either of these typs of loans 972-854-3270.
You could do a loan for $50,000 on a property for $55,000 if you just put less money down. No one but your local smalltown banks will touch a loan under $50,000. Please call me to talk about how you can restructure this one through since putting less money down but doing it on a 15, 20, or even 30 year note that will get you a better interest rate and a better deal. My cell is 972-854-3270.