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Is 20k a good enough down-payment on a 300k condo?

I'm currently working on saving my money in the hopes of getting into a rent-to-own type deal. I'm inexperienced with real estate and instead of doing thoughtful research I'd figure that I'd come on reddit and ask people because my generation is lazy.

My credit is mush right now, probably 550, If i paid off my credit cards I could bring it up to 6 something...I only have 3 years of credit history as well, I'm 24.

My plan is to get a roommate to help me pay off the place I'd get into (God willing). I know this also entirly depends on the location so this is what I'm thinking: somewhere in either Colorado or California. I was leaning more towards California because I like being near the city but obviously not within the city because that's too expensive.

Any advice would be greatly appreciated, thanks.

submitted by /u/Haunting-Benefit3266
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source https://www.reddit.com/r/RealEstate/comments/1e0ktob/is_20k_a_good_enough_downpayment_on_a_300k_condo/
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