What if I had a down payment of 20,000.00 toward a home but my credit wasn't great will I still be able to purchase a home?

Asked by J P, Corona, CA Fri Nov 1, 2013

or will it matter if I give more of a down say 30,000.00 I have NO BK NO FORECLOSRE I have no real debt... and I make 150k plus a year salary.. or just rent and wait a year....

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Jamie Tian, Agent, Los Angeles, CA
Fri Nov 1, 2013

You should contact any local bank, credit union, or mortgage broker to see how much you can be pre-approved for with your current credit score/salary/down payment. It is quick and free and there is no obligation. I would be happy to recommend a few lenders to you if you need it.

After you get a pre-approval, you will know how much you can afford and start looking at homes in the price range that you were approved for.

Feel free to contact me with any further questions/concerns.


Jamie Tian
Rodeo Realty
(310) 717-1321
BRE #01920120
Web Reference:  http://www.jamietian.com
1 vote
Brittany Lei…, Agent, San Clemente, CA
Tue Jul 29, 2014
Great question. It would really depend on weather or not you could get qualified on a mortgage. $20,000 is a great start, but it would not make the difference in being able to qualify due to your credit situation.

Please let me know if you have any further questions!
Have a great day

Brittany Leighton
0 votes
Brittany Lei…, Agent, San Clemente, CA
Thu May 29, 2014
Yes, more than likely you will.

I have a great recourse, please feel free to call him directly.

Jason Wood

Cell (760) 217-0820

Email: JasonWood@HomeBridge.com

It is always a good idea to work directly with a Realtor who has excellent customer service skills and is knowledgeable about the area. Please check out my website and call me with any questions.


Have an incredible day.
Brittany Leighton


Top 1% Customer Satisfaction in the NATION



0 votes
Jon Fouse, Agent, Huntington Beach, CA
Thu May 15, 2014
There are ways of getting this done. Different lenders have different under writing criteria so it might take a little bit of shopping around. I see this was posted over a year ago, if you are still looking I do have some ideas for you that I would be happy to share with you. Short answer is it might take a little shopping around to get a lender that can work with you.

Best of Luck to you.

Jon Fouse
Keller Williams Realty
Huntington Beach, CA
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Wed Dec 11, 2013
Locate a broker or company that helps people find lenders that match the type of loan product you need like, The Lenders Network. They specialize in lender referrals, good luck!
0 votes
Harold Lear, Agent, San Diego, CA
Wed Dec 11, 2013
If you need to improve your credit. we offer credit restoration that in 30 to 45 days you can perfect credit. Credit isn't the only thing that lenders look at but it sure helps when trying to qualify.
hlear@us-attorneynetwork.net or 858-945-1047
0 votes
perfect credit?
Flag Wed Dec 11, 2013
Kawain Payne, Agent, Seal Beach, CA
Mon Dec 9, 2013
Hello JP,

Credit is just one factor lender consider when deciding to approve you for a loan.

They look at:

Your income'
Your debt to income ratio
Years of employment in the same industry
Amount of down payment
and of course credit.

If your scores are not the best, you may still qualify for a loan but you may not get the very best rates and terms. The best thing for you to do is get in contact with a mortgage lender and start the pre qualification process.

I hate to see anyone earing 150k plus per year pay someone else's mortgage and property taxes!
I suggest you contact a lender, if you do not qualify NOW, they can surely give you some counseling on how you can improve your situation. so you can get approved in the near future.

Please contact me if you need a lender referral or simply have additional questions.

Best Regards,
Kawain Payne, Realtor
Prudential Realty
0 votes
Melvin Kim, , Laguna Woods, CA
Sun Dec 8, 2013
Most loan programs are now "FICO" driven, meaning that your middle score (of the 3 credit repository's checked on you: Experian, Equifax, and Trans Union), will have to meet the lenders
minimum credit score requirement. I would suggest applying for a FHA purchase money loan,
since FICO score requirements may be more lenient, and only requires a 31/2% down payment!
If a Veteran, Zero down payment! A small down payment might also be important, since lenders
will require that you have 3 to 6 times your loan payment left in the bank (called reserves). I would see a competent FHA loan broker first, and get a "Prequalified" letter from them before starting your search. I would be very interested in arranging your loan, but I am not a FHA endorsed Broker.
Mel Kim melkim@cox.net
0 votes
Kawain Payne, Agent, Seal Beach, CA
Wed Dec 4, 2013
Hello JP,

Credit is one major factor in getting a mortgage loan approved. Most lenders will want a FICO score of at least 620.

There are some lenders that may be able to approve you with a lower score, BUT you will not get the best rates and terms.

Lenders also look at your income, and debt to income ratio.

I suggest you contact a lender and arrange a time to talk. Once they run your credit, review your income/debt, they will be able to give you a good idea if they may be able to approve you for a loan.

If you can not get approved now, they can provide some advice on how to improve your situation for approval at a later date.

Just for gathering info, you should speak with a mortgage rep at the bank or credit union where you do your personal banking.

I wish you the very best!

Kawain Payne, Realtor
Prudential California Realty
Buy, Sell, Lease with me!
0 votes
SP Marshall, Other Pro, Dallas, TX
Wed Dec 4, 2013
Hello....I work for a legal consumer firm that helps to resolve those type of credit issues. Please give me a call to see if I may be able to help...that is if your actually looking to get the situation rectified.

Sergio Marshall
972-231-0452 ext 109 http://www.whitejacobs.com
0 votes
Dorys Balboa, Agent, Newport Beach, CA
Wed Dec 4, 2013
Hi JP!
There are currently 277 homes for sale in 92626. I would love to show you some options. I live and work in 92626 and I love it!
Please contact me if you would like me to help you find a home. I have over 25 years diversified real estate experience from lending, escrow and as a full time Realtor I can help you with the process of owning a home.
Dorys Balboa
Balboa Real Estate
BRE License # 00981464
Facebook: https://www.facebook.com/BalboaHomeFinder?ref=hl
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Thu Nov 28, 2013
Only way to know is to visit with a reputable mortgage lender to determine your qualification. Good luck!
0 votes
Michael Park…, Agent, Claremont, CA
Wed Nov 27, 2013
You may want to consider a different avenue...


I work directly with REO, Bank Owned, Divorce Sales, Probate Sales, Trust Liquidations, Tax Default Homes, Neg. Assessment property, NOD, and other forms of distressed home sales. If there is a deal to be found, I find it.

Working with investors for 14 years, who always have their eye on the bottom line, has taught me to think differently. Let's make this work for you!
0 votes
lendersnetwo…, Agent, Plano, TX
Tue Nov 12, 2013
Yes there are lenders that can work with scores down to a 560-580 I could recommend. Check out our site or email me for a referral..
0 votes
Randall Ortiz, Agent, Sacramento, CA
Sun Nov 3, 2013
It will still depend on your credit to get the loan. You should have a lender run your credit, it might not be as bad as you think. If it is bad, then work on bringing it up.
0 votes
Ingrid Ski R…, Agent, Mission Viejo, CA
Sat Nov 2, 2013
You have to have a minimum credit score of say 680 to meet the basic criteria. There are other ways to get a loan maybe with private money so to speak There are options You need to get with a lender and see what they and will do for you. I have a list of lenders who I have used. Them being a bank, credit union or a broker that lends money. There are question to ask them so you know what to look for

Talk to you soon

Ingrid Ski Realtor
0 votes
Kathey Busse, Agent, Anaheim, CA
Fri Nov 1, 2013
Hi JP,

It really depends on a combination of things, what your current FICO scores are, what caused them to be low, what your payment history has been over the last year, what your debt to income ratio is, what your current income is this year over last and of course, what price home your looking for.

The best course of action is to set down with a reputable lender and get prequalified. That way if for some reason there are issues that would prevent you from buying today, they could help you to work out a game plan to get you to where you can purchase as quickly as possible. Sometimes what you feel is the more important thing to do isn't necessarily what the lender finds most important.

If you need some referrals of lenders that will take the time to work with you and find the best solutions for your situation, please feel free to call me. Helping people achieve their home ownership goal is what we work for.


Kathey Busse
The Busse Team
First Team Real Estate
(714) 272-0968
0 votes
Shadi Kian, Agent, Lake Forest, CA
Fri Nov 1, 2013
Hello JP;
The first question I would ask you my friend is how much of the home you want to buy? second, is that I will have to talk to you about your credit. It all depends of what kind of problem you have in your credit report. Most of times people think that their credit is not good and when I check them its not so bad after all. Also once I review your credit with you, I can work with you (FREE) and help you do few steps to get your credit to where we want to be in a shortest time. I am a real estate and mortgage broker. I can sit with you and review all of your documents and let you know how much you qualify to buy at what payment base on your current credit. I can also give you several different scenarios to choose from. The answer to your question if you can buy or not? I should say the possibility is quite high. We have 97% loan conventional with NO Mortgage Insurance. We have FHA loans and many other option that you can fall into that catagories with your down payment.

I will be more than happy to give you my free consultation and put everything in perspective. I can promise one thing though. You will walk out of my office with tons of knowledge, all of your question answered and prepared and geared to become a strong buyer before we go out shopping.

You can call me at 949-510-1955 and set a time to meet either at my office in El Tore Road (Lake Forest) or your home whichever works for you. You can also visit my secured website and fill out your financial information before we meet. You can also check the properties like a pro in there too. My website;

Shadi Kian
DeltaMax Mortgage/Relaty
22994 El Toro Road
Lake Forest - CA 92630
949-951-7048 Office
949-510-1955 Cell
949-916-8083 Fax
0 votes
, ,
Fri Nov 1, 2013
Hi JP,

Can you be more specific about your credit? What are your scores? Do you have open collection accounts, charge-offs, etc.?

Give me a call if you would like to discuss...

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
0 votes
Andrew McGra…, Agent, Costa Mesa, CA
Fri Nov 1, 2013
Hi JP, You're going to get a lot of answers to this question from a bunch of us Realtors that will be happy to help you, LOL! You will be able to purchase easily with various mortgage options for 3-5% down. Your first step is to get prequalified with a mortgage broker you trust. Let me know if you'd like a referral to one that I hold in very high regard.
Best regards
0 votes
James Deskins, Agent, Worthington, OH
Fri Nov 1, 2013
A large down payment will help but if you credit is too low it won't matter how much you put down a lender won't take a chance on you. Everything, truly, revolves around your credit score, not so much what you put down.
0 votes
Rick Brunings, Home Seller, Orange County, CA
Fri Nov 1, 2013
Hello JP, there are a few lending programs that can fit your needs. Feel free to contact me to discuss your options.

Rick Brunings
Direct: (949) 510-5361
Office: (949) 369-9814
eFax: (949) 861-9986
Email: Rick@RickBrunings.com
Web: http://www.RickBrunings.com
BRE#: 01429004
0 votes
, ,
Fri Nov 1, 2013
Let me know if you want me to check if you can qualify for a home.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
Tracy Wilson, Agent, Reno, NV
Fri Nov 1, 2013
Hi, it will depend on the price of the home you are purchasing and what type of financing you will be getting. My suggestion would be to meet with a lender and discuss the situation. They should be able to tell you what price of a home you should be looking for and how much you will need to put down. A good lender will work with you to resolve any issues and tell you if maybe you should wait a little longer to work on your credit issues. Hope this help and if you need a recommendation for a lender, please feel free to give me a call. 714-403-6182.
0 votes
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