Can I buy a new house with all down payment in cash but bad credit? How would this affect my buying process?

Asked by CC, Downtown Miami, Miami, FL Fri Jun 15, 2012

I just sold my old house for 146k. I'm looking to buy a 420k condo unit and it would require me to give a 20% downpayment which is 84k which is O.K. However, I have bad credit. How would this affect my buying process?

I run a stable and profitable business in Downtown Miami.

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Jessica Bate…, Agent, Beverly Hills, CA
Sun Jul 21, 2013
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get your client a loan they can
1 vote
Stephanie Le…, Agent, Miami Lakes, FL
Mon Jul 22, 2013

I can recommend you a great lender who has financing programs for people with not so perfect credit.

If you are still in need of assistance feel free to contact me at
0 votes
David Roy Gr…, Agent, Charlottesville, VA
Sun Jul 21, 2013
Why not Rent to Own. You can move in the house you want to buy NOW knowing that the money you’ve put down is going towards the purchase of the home. Typically when you get a bank approval for a loan, it comes with an expiration date. That puts a lot of pressure on you to find the right home in a short amount of time. With rent-to-own you can enjoy the home you want to buy NOW and take your time repairing your credit, and shopping around for the right loan for you. Most home buyers don’t have the luxury of being able to shop around for the best loan. Since you’re already living in the home you want to buy, you can make the banks work for you in offering the best terms because they know you are shopping around.
0 votes
Karym Casas, Agent, Doral, FL
Mon Jun 25, 2012
Dear Friend

I think that 84K is sufficient to open you the door to a nice deal. Since your expectations are high you would need a Realtor willing to provide alternatives. Although, bad credit and self employment are an issue at this point, you just need to be patient and have the right advice.

I will ready to help when you decide

Karym Casas
Miami New Realty
786 426 1192
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Jun 18, 2012
You will need to put down a MIN. of 25% best case with bad credit.

However, the good thing is buying property at these bottom prices. re-establish credit over the 12 months then Refi while rates are still good!

See loan programs for S Florida at:

Also, on a $420k purchase, I can arrange up to $8,600.00 credit to pay for your closing costs and more

See below Realtor GFB example…
0 votes
Astolfo Boli…, Agent, POMPANO BEACH, FL
Mon Jun 18, 2012
Well, we need to see whats mean with bad credit first, second the income, after that we can determine the power of purchase, It is possible, who much you can buy or the conditions? we most go deeper.

If you are really interesting contact me to qualified your case and determine your next step.

Thank You,

Astolfo Bolivar

0 votes
Gloria Rodri…, Agent, Miami, FL
Sat Jun 16, 2012
If you live in the Downtown area, I know a Condo Developer who is offering owner financing with a large down payment, and the location is truly amazing, with great views. My agency has sold several units for him already, so if there's any of the $400k still available, I'm sure I can get you the deal.

Give me a call: (786) 322-9438

Good luck!

Gloria Rodriguez de los Reyes
Avanti Way
(786) 322-9438
0 votes
*On the Vizcayne website, it says seller financing is available with 30% down. This is OK
Flag Sun Jun 17, 2012
The Downtown Miami area around Bayside or the Midtown area? I'm speaking about Vizcayne.
Flag Sat Jun 16, 2012
, ,
Sat Jun 16, 2012

you would need to meet with a Loan Originator to analyze whether you would meet all requirements to qualify for a mortgage loan. Good credit and a good credit history are important factors when applying for a loan.
I would need more details of what items are on your credit report to give you a more specific answer to your question on how this would affect your home buying process.

Please feel free to contact me at your earliest convenience (I am also available on the weekend), if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
Hamilton Group Funding, Inc. - Pembroke Pines
Cell: 954.695.4849
0 votes
Nereida Figu…, Agent, Miami, FL
Sat Jun 16, 2012
Owner's Financing. Please call me. 305 519-3199
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Jun 16, 2012
Listen to me, you are wasting your time chasing an 80% LTV condo loan with bad credit.

however, I have a solution.

contact me
0 votes
Carlos Vazqu…, Agent, DAVIE, FL
Sat Jun 16, 2012
if you want to buy a property with bad credit will not be easy at this time , but it is one alternative to you if you got the 20% cash in your hand , call me to explain this.

Carlos Vazquez
Coldwell Banker Weston
0 votes
Ann Ryan, Agent, Doral, FL
Fri Jun 15, 2012
Char, it's extremely difficult to buy a new home if you have bad credit, unless you can pay everything in cash. Give me a call, I have an idea which could help.
0 votes
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