would I be able to find a home if I took a loan out and put down 10,000?

Asked by Dominique Ragan, 11953 Wed Aug 13, 2014

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Ali Qureshi, Agent, Pleasanton, CA
Fri Feb 27, 2015
It depends on other factors such as purchase price of the house, your eligibility to take a mortgage out and etc. Best is you sit with a loan officer and have them evaluate your file.
0 votes
Nicholas Cam…, Agent, Babylon, NY
Fri Feb 27, 2015
Although it may not be easy it is not impossible. Both conventional loans and FHA loans allow for a minimum of 3% & 3.5% down respectively. There are also some great programs such as the FHA SONYMA+ loan that may make this possible. There are obviously several other factors that come into account, largest being price and taxes.

If you would like any further assistance let me know.

Nicholas Campasano
NYS Licensed Salesperson
631-848-6515
NickCampasanoRealtor@gmail.com -or- NickC@Century21aa.com
http://www.nicholascampasano.com
http://www.facebook.com/NickCampasanoRealEstate
0 votes
De Vonte Wil…, Agent, East Point, GA
Sun Nov 30, 2014
I would suggest sitting down with a mortgage professional who can further assess your needs and situation, to see if you can currently qualify for a mortgage.

Best wishes,

De Vonte Williamson
Licensed Real Estate Salesperson
Charles Rutenberg Realty
Cell: 631.384.3695

Seller, Home Enhancement, & Negotiation Specialist!

"I Stand Behind Getting You Results!
Your Trusted Real Estate Professional for Life!"
0 votes
Thomas Brady, Agent, Plainview, NY
Mon Sep 8, 2014
I suggest contacting Javier, below, directly. If there is a way to get it done he'll be the guy to help you do it.

Thomas Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom230@aol.com
FinestHomeSales.com
SuffolkFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Sep 8, 2014
Dominique, I've been doing home loans for 10 years. Unless you're an eligible veteran who qualifies for a VA loan, you probably will not be able to buy a house in NY with just $10,000. First you need to meet with a lender and see what you qualify for. Every lender will check your income documents, credit report and bank statements and see what you qualify for based on your financials. It's possible that your income allows you to qualify for a certain amount of a house, but the fact that you only have $10k available towards the purchase, you wont be able to get into anything. With VA loans, you can qualify for 100% financing, and you're allowed up a 6% seller concession, so you can get away with just $10k out of pocket. With FHA loans, you're required to have a 3.5% down-payment and Conventional loans you'll need at least 3-5% as well. Feel free to call or email me anytime and I would be more than happy to go over all this with you. At the end, you're going to need more money towards the purchase of the house. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
0 votes
Jim Olive, Agent, Key West, FL
Wed Aug 13, 2014
Very vague question, Dominique, but it is possible. Depends what kind of loan you got, how much down payment is required by that loan and the price of the house. Have you started looking at homes in your area to see what the price range is? That would be a good starting place, and Trulia would be a good place to do that. Best of luck...
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