Question

can I buy a house with $20,000 to $30,000 as a down payment? we live in Bay area..thanks!?

6 years ago - 3 answers

Best Answer

Chosen by Asker

30K is a 10% downpayment on a house worth 300K.
Can you find something in that range in the Bay Area?

Contact a mortgage lender and bring your financial records to the appointment.
(Tax records for the last 2 to 3 years, pay stubs, bank account statements).

You need a high credit score 720 and up and little to no outstanding credit card debt and have all other loans paid off or paid down substantially.

It is better to get pre-approved for a mortgage before you go out house hunting. This will keep you within your budget and you will be looking only for houses that you can afford with your pre-approved mortgage.
If they agree to take just $20K for the downpayment you will be in a better position to pay the additional fees, points, appraisal and house inspection, title search... etc. etc.

Once pre-approved you will be the "darling" of any seller because you already have the necessary financing and don't forget... always make a lower counter offer... No one said you had to spend the max that you got approved for.

6 years ago

Other Answers

If you don't mind living in Oakland/San Leandro, houses are dropping in that range to make it about a 10% down payment. You'll have to pay some type of MI whether it is PMI or FHA. You'd need good credit, around 720 as well and stable employment.

by Terence P - 6 years ago

if I had THAT much $$$ I SURE wouldn't talk 2 them, I'd buy the home outright w/ cold hard CASH!!!

by saved_astronaut - 6 years ago