Home Buying in Miami>Question Details

Judithsantana, Home Buyer in Homestead, FL

it is possible get a house in foreclosure,for $40,000.with $20,000 down payment,north miami beach area?

Asked by Judithsantana, Homestead, FL Tue Sep 18, 2012

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Nereida Figueroa’s answer
Judith, if you are looking to invest your 40K them you are looking in an area where prices are around the range of 100K, them you can apply for a loan, less than it, no, a private lender could do with high interest and the property at least need to be in good condition. I have people who advise how to do it. 305 519-3199
0 votes Thank Flag Link Tue Sep 18, 2012
Sorry, not anymore for several reasons. #1. There aren't any that are in financeable condition at that price; #2. That price is CASH buyer only as a rule as no lender wants to finance less than approx $25K - $50K minimum. #3. With $20K down, providing all the other factors fall into place, you could finance $100K purchase with 20% down Conventional or FHA or VA IF you qualify. So think about this and let me know how you'd like to proceed. I can help you find and buy the right home, WITH the right mortgage any day you're ready. Regards, Steve E
0 votes Thank Flag Link Tue Sep 18, 2012
Hello Judith,

Most banks will not finance anything below $30,000. You would need a private investor for anything under that.
As for REO prices in North Miami, that depends on the type of property you are looking for.

Please give me a call and we can set up a meeting to discuss.
0 votes Thank Flag Link Tue Sep 18, 2012
it is possible, and the problem is going to be someone willing to lend you the money.

The lowest amount for a loan right now is 60K plus 20K you have it is 80K.
I can help you to find something within 80-100K
0 votes Thank Flag Link Tue Sep 18, 2012
Anything under $60K you're probably going to need to bring cash to the table. You will have a hard time finding a loan for the other $20K.
0 votes Thank Flag Link Tue Sep 18, 2012
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