First things first... Get a pre-approval. Regardless of the particular unit you are looking to purchase, you need to see what you can qualify with. The are conventional programs that are available that allow smaller downpayments but you must qualify financially for them. As Joseph stated earlier, it's about the buyer qualification and the collateral, not the loan type.
I would be more then happy to discuss this with you. Feel free to give me a call at 847.525.1366 do we can discuss your options.
right property for YOU..... and that based on the information an area Lender will provide you with.... That lender
based on your personal financial situation will provide you with what you can buy and what down payment you will need to qualify....
Do it that way and THEN based on good information get the Realtors help to find you the right property.
Good Luck to you!
Edith YourRealtor4Life! Working always in the very BEST interest of her clients
Your Northern Illinois North Shore Expert
If you find a condo you like that is not FHA approved I can help you and the association obtain FHA approval. Then you can use whatever lender you want to. I have done this for hundreds of associations. If you want to know more, please contact me at (847) 293-2962 or by e-mail at email@example.com.
Condo Approval Professionals LLC
FHA loans in their building. I have lenders that I work with that have programs with less than 10% down.
Let me know if I can help you find the right condo and the right lender. Deborah Bergthold-Smith
Classic Real Estate 708-267-5552
You indicate that you are not looking for FHA, but there are some condos that will allow FHA financing and allow you to put down less than 10%, in most cases it is based on the reserves and the association by-laws. In todays economy, many associations are allowing FHA. Please feel free to give me a call to discuss your situation further.
Real People Realty, Inc
The financial strength of the association/%owner occupancy can also have an impact on getting the loan and some condo buildings, particularly the smaller ones. might be willing to go FHA. The process has been revised and is much easier and faster.