With these affordable properties under $ 50,000, home ownership can become a reality for first-time buyers with little savings.
When you’re alone, all you need is a $ 1,750 (3.5%) down payment on a Federal Housing Administration (FHA) loan.
These mortgages are insured by the government agency, but the lender is the one who gives the money – find out more in our leader.
The loans are for low to middle income borrowers and could come in handy as house prices have soared this year.
The average home price was $ 287,148 in May, but there are cheaper family homes that don’t require a large down payment.
They are spread across the US but are not in the center of the city and most are cheap because they need renovation.
But if you don’t mind moving or challenging yourself with a fixer-upper, then these three- and four-bedroom apartments are up Zillow might be worth stopping by.
Just factor the renovation costs into your budget and be aware that the houses could actually be sold for more.
Triple, New York – $ 29,500
You can get that in New York State Three bedroom house with a bath for $ 29,500.
That means you only need $ 1,032.50 in savings when you qualify for an FHA loan with a 3.5% down payment.
However, the property listing admits that the house “needs a lot of interior and exterior work” so keep that in mind when planning it.
The yellow house extends over two floors and is located in the Elmira Heights district.
Triple, South Dakota – $ 29,900
For an additional $ 400, purchase more of a habitable home in Pierre, South Dakota for $ 29,900.
Located on a leased property, Three room apartment comes with a huge master bedroom suite and an open floor plan.
You may want to invest in a new carpet and upgrade the floor, but you want the property to be a “very livable home”.
It comes with double front decks for enjoying the outdoors and also includes a shed for storage.
Quadruple, Indiana – $ 32,500
You can one Four bedroom apartment in Michigan City, Indiana for $ 32,500, which means you only need $ 1,137.50 for a 3.5% down payment.
It was built in 1920, but you have to work a lot on it before you can move in.
The property consists of three units, two of which are in the front building.
Unit one is a twin bedroom with one bathroom, while unit two is upstairs and has one bedroom and one bathroom.
The third unit, a detached rear building, is also a bed and a bathroom.
Triple, Florida – $ 44,000
If you are happiest on the coast, this is it three bedrooms, two bathhouses in Florida might be exactly what you’re looking for.
It is located in Fort Pierce and is listed on Zillow for $ 44,000.
The master bedroom has a walk-in closet and an en-suite bathroom with a garden bathtub and walk-in shower.
The second and third bedrooms are at the other end of the house, which also has a covered carport.
Triple, California – $ 49,000
Another option near the sea is this one Three bedroom house with three baths in Fallbrook, California.
The property is available for $ 49,000, so it’s on the upper end of your budget if you only have enough for a 3.5% down payment.
The Zillow listing says it still needs “finishing touches” but it should be big enough for the whole family.
It has a huge back yard with a storage shed and views of downtown Fallbrook.
Triple, Washington – $ 49,900
Families in Washington or those looking to relocate to the state can do one Three bedroom house for $ 49,900.
It has off-street parking, an open deck, and no rear neighbors.
The kitchen is out of date but the property is ready to move into.
You should also be pleased to know that the kitchen appliances as well as the shed, washing machine and dryer can be included.
We explain how much money do you need for a deposit, depending on the mortgage you choose.
Some borrowers are reimbursement of part of their mortgage insurance prepayments owed if they haven’t defaulted on their FHA loan.
A super saver was revealed earlier this year how she bought her first home at the age of 23 with low income and average credit.