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Will $20,000 be approved on a $300,000 home?

Profile picture for Patricia McDermott
We have our family home paid in full.  However, our children are now located in Murrieta and want us to move to that location.  We thought we could keep our home here and find a place out in Murrieta as a second place.  Therefore, $20,000 is avable as down.  Would that work out?
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September 22 2009 - Murrieta
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Answers (4)

Profile picture for kellylacey
Quicken isn't a direct lender...
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September 22 2009
Profile picture for Colorado Lender
Harold do you seriously send your own buyers to Quicken?  Seriously?


Patricia-Do yourself a favor and contact the lender who responded first as he is in your area and will be able to assist you.  Ignore the realtor.

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September 22 2009
Profile picture for Harold Sharpe
The best way to find out is to get pre approved from a Direct Lender.
QuickenLoans.com
BofA.com
Chase.com
Wellsfargo.com

Give the lender all the info two years taxes and w-2 for all buyers
last two months bank statements
and any other pertinent info.

Good luck in your new home.
Harold Sharpe
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September 22 2009
Assuming your income, assets, and credit qualified, $20,000 would be enough down payment for a $571,428.57 property using FHA. This is under the 580K FHA limit in Sacramento county so it would work.
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September 22 2009
 

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