Can I buy a condo in Park City with only 5% down?

Ann
Home Buyer
Park City, UT

Answers (4)
Steve Blankensh...
Agent
Park City, UT

FHA is the best way to do this with only 3% down. If you are open to hard money then the interest rate can be very high. However if you have a great exit strategy then I also have people I can line you up with. Just let me know if you need more information.

Sat Aug 8 2009, 11:19
Wendy Remley
Agent
Utah

That depends on a couple things. Would this be your primary residence? Is this your first home purchase? Do you have a really good credit score? If you answered "yes" to all three of these, then yes, you could definitely buy a condo in Park City with only 5% down.

It's difficult to give a definite yes or no without specific information, but that's a rough answer for you. Best of luck!

Tue Jul 14 2009, 17:58
Dan Woods
Mortgage Broker
or Lender

Park City, UT

Yes you can, with the new FHA programs you only need to come in with 3%. All you need is a 620 FICO and two years of employment. Feel free to give me a call anytime with anymore questions. 435-513-2380

Fri Apr 24 2009, 12:22
Debbie Strong
Agent
Park City, UT
FIRST ANSWER

Hi Ann,

Currently you will need to put a minimum of 20% down for a second home or investment property. However the banks are expecting to see a change in some of the lending progams in the next 2 weeks. Feel free to contact me and I can put you in contact with a couple of lenders in our area. Did you know that you can also use money out of your 401k plan to purchase real estate. The least expensive way to finance is to get a second on your primary residence, the intrest rates are most often much lower.

Thu Apr 9 2009, 09:44

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