Home Buying in 92804>Question Details

Young Buyer, Home Buyer in Miami, FL

Is it possible to buy a house (not mobile one) w/ only 20k cash on hand? Have credit score 805 and a stable low pay job w/ 2.5k gi. Please help.

Asked by Young Buyer, Miami, FL Thu Jul 18, 2013

No burden paying rent coz living w/ family and totally no debt.

Help the community by answering this question:



Yes, you should be able to be pre-approved for a loan and depending on which areas you are looking at, you may be able to afford a condo or a smaller home/fixer.

Have you spoken with a lender (bank/credit union/mortgage broker) to get pre-approved? If you would like, I would be happy to recommend a few lenders to you.

Feel free to contact me directly with any further questions/concerns about the home buying process and I would also be happy to forward you a list of available properties that fit your budget and search criteria via email for you to take a look at. We can arrange showings for any properties you are interested in.


Jamie Tian
Rodeo Realty
(310) 717-1321
DRE #01920120
Web Reference: http://www.jamietian.com
1 vote Thank Flag Link Fri Jul 19, 2013
Yes you can. I just found a place for a first time home buyer and they put down less than that! The first step in the home buying process is to get a Pre Approval Letter from a lender. Many potential buyers shy away from this process because they are afraid of rejection, but this is only a positive process. Your will find out exactly how much home you can afford or you will know exactly what steps you need to take to make it happen in the future.

I would be happy to help guide you through the process and in your home search.

Nancy J. Anderson
0 votes Thank Flag Link Thu Feb 20, 2014
That is a great credit score, we can get you a loan with that. The only question is how much, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sun Oct 27, 2013
Let's assume that we are refering to owner occupied scenario.

For FHA, you need 3.5% down payment with FICO as low as 600. For your FICO of 805, you can go with conventional loans with 5% down. We do have some lenders that may accept 3% down. Your down payment can also come in as gifts from relatives.

In short, you can buy a house with 20K fund. It all depends on the area/price of the subject property. If you need more details regarding your qualifcations, we can help.

Best regards,

David Pham
National Brokers
0 votes Thank Flag Link Fri Jul 19, 2013
Yes. You can. Would need to what city you want to look and live in and see what's available Did you talk with a lender already to get per approved for when you find a property you want to put an offer on

Talk to you soon

Ingrid Ski Realtor
0 votes Thank Flag Link Thu Jul 18, 2013
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