One of my colleagues asked me this earlier this week.
I told him it's because there are $50,000 houses on the West Side, and in Midway, and all over town.
I've just seen so many bottom-dollar houses lately. Good stuff, even, good condition. Just foreclosed, and needs to get sold. For me to see a house that is shockingly cheap I think it has to be under $50,000.
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Wow! How much of a down payment would one have to put down for a $50,000 house? Would it be more for someone who's buying as a second house (rental property)?
Right now lending standards are getting tight. The condition of most $50,000 houses would not allow a bank to give a loan on them, but you may get a loan and a construction loan to fix the place.
FHA is still allowing 100% loans, but they are picky about condition. Investors generally need 20% down, but some pay higher interest to get around it.
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