The Phillips-Olson Team at lvSweetHomes Realty

For a while now folks looking to buy something under $50K or so needed to come in with all cash since lenders just weren’t able to or interested in making loans below that amount. I’ve actually gotten questions from multiple buyers asking if, and this just underscores the state of real estate in Las Vegas, they could charge a sub-$50K home on their credit card.

(Just for the record, the answer is YES, but you need to do it by taking a cash advance and using it for a cash offer on a place. There’s really no one out there on the seller’s side to run your card.)

So I was pleasantly surprised when I got an email from Rey at Bank of America telling me that they are willing and able to write FHA and conventional loans down to $10K. Sort of like getting a loan on a cheap car but with a bunch more paperwork involved. Seriously though, this should open up homeownership for a LOT of people who didn’t want to or couldn’t afford a mortgage on somewhere more expensive and who didn’t have $50K burning a hole in their pocket. Here’s Rey’s info – reach out to him if you’d like to know more (and then of course give us a holler at 702-856-6297 when you’re ready to go shopping for homes).

Rey Gallegos
Sr. Mortgage Loan Officer
Assistant Vice President
Bank of America Home Loans
President’s Club
Cell 702-808-8328
Office 702-697-8304
Fax 866-409-8120
Email rey.gallegos@bankofamerica.com

Wondering what you can get for under $50K? Here are a few listings to check out. If you want to explore more, why not check out our map search?

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