Financing in Orange>Question Details

Krista Asp, Home Buyer in Irvine, CA

Is it possible to get a conventional loan for a NOO home/condo with 5% down?

Asked by Krista Asp, Irvine, CA Mon Apr 29, 2013

We'll be moving to Orange County in the next year, but would like to purchase while we still have two incomes. I'll be attending school full-time and will not have a job.

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Wouldn't that be wonderful for all our investors? Let's us know if you find one that comes close 10 or 15%
0 votes Thank Flag Link Tue Apr 30, 2013

Unfortunately - there are no programs as described for NOO properties. Agency guidelines are a lot more stringent for NOO. Why? Statistics show when borrowers get into a financial pickle - they stop paaying on NOO before they stop paying on their primary residence.

Good luck!

Grant Fawcett
Mortgage Banaker
Castle & Cooke Mortgage
Ph: (949) 212-4578
0 votes Thank Flag Link Tue Apr 30, 2013
Hi Krista Asp,

I do not know of a loan program to buy an an investment property (NOO) with only 5% down, whoever, I do know of a loan program for you to purchase a second home with only 10% down & no monthly mortgage insurance.

One item of note, when you finance a second home, you will be agreeing not to rent it out for the initial 12 month period.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required to Refinance Underwater Homes, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
0 votes Thank Flag Link Tue Apr 30, 2013
Hi Ros,
Thanks for your reply. Would I qualify for a second home loan if I am currently renting my place of residence and not a homeowner? I do intend to live in the house eventually.
Flag Tue Apr 30, 2013
Hello Krista,

You need to work with a Lender or a Mortgage Broker to find out if you qualify for a loan with a 5% down payment. I work with several outstanding lenders that can help you. If you'll contact me, I'd be happy to refer them to you.

With Warmest Regards,

Birgit O'Hearn, Realtor
Cell: (949)463-7955
Keller Williams Realty
0 votes Thank Flag Link Tue Apr 30, 2013
Wouldn't that be great...I do have a program that might be of me at 949.954.4063.
0 votes Thank Flag Link Mon Apr 29, 2013
The short answer is "no" you can not purchase an non owner home with 5% down..
There might be other options that you can explore, there is not enough space to tell you here, but it is easy for you to get more information.. go to fora complete list of homes for sale and enter your email for a free report on the many ways to finance real estate or you can call 714-771-3800 for a no obligation consultation on your specific questions.

Scott Fredrickson
0 votes Thank Flag Link Mon Apr 29, 2013
Hi Krista,
You should consult a lender for the best information. Let me know if you need a good lender to speak to.
Rochelle Chacon
Keller Williams Realty
949 533-1262
0 votes Thank Flag Link Mon Apr 29, 2013
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