1. 3% down payment.
2. No PMI.
3. 620 minimum credit score.
4. Non-warrantable condos allowed.
5. This program has either an income restriction or property census tract restriction, so call me to discuss if this fits your needs.
(858) 531-6732 Roy Padilla / firstname.lastname@example.org
You may choose from 3% down conventional with a minimum 700 fico score or 5% down conventional with NO Mortgage insurance (Lender paid MI) or FHA 3.5% down but 20% down conventional is your best payment. Here is a list of the documents to gather for processing a loan approval, DU Approval or pre-approval letter to get out shopping for a home of your choice.
http://tinyurl.com/9m2rsb2 Here are some links to study and consider that I offer.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
Happy Saturday !
There are many area in L.A. that you can buy a condo for under $200,000.00. Some areas are better than others. The first step is to talk to a lender & get pre-approved for a loan,many Realtor can refer you to someone they work with .Good luck with your house search! If you have any questions,it would be my pleasure to answer for you !
Congratulations! Keep on going that way, and make sure you do not peak out young! The sky is the limit... I hope you are thinking of a great school... I'm all about USC (My Alma Mater)
That said... yes you can get into a condo for that much money in some areas here... do you want to?
How about living in the dorms and enjoying the college experience... and buying a duplex or triplex (maybe 4) and join the ranks of the landlords?? have the tenants pay your mortgage, start building equity... just some food for thought.
If you find my answer give it a Thumbs Up.
That said, find a local Realtor and go see some of these places...get a good visual of what this price range looks like in the market.
Best of luck and great job!
There are some areas of Los Angeles you can get a condo around $200,000. You should first talk to your bank where you have your account or any local bank/credit union to see if you can get pre-approved for a loan.
Once you get pre-approved, then you can start the home searching process.
Feel free to contact me with any real estate related questions/concerns.
Rodeo Realty Fine Estates
Best of Luck!
Lenders are not so much interested in whether you are working or retired. They want to make sure that you have the finances to pay the mortgage. This income can come from a pension, social security, rentals or even savings.
They will also examine your debt to income ratios. Banks look at this two different ways: front-end ratio and a back-end ratio.
FRONT END RATIO: This looks at the how the mortgage payment compares to your monthly income. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 33 percent of your gross monthly income.
Formula: Monthly Salary x 0.33
BACK END RATIO: This formula determines the maximum amount a lender will allow you to pay on all debt including housing expenses, car loans, child support and alimony, credit card bills, student loans and homeowner association fees. Your total monthly debt obligation should not exceed 40 percent of your gross income.
Formula: Monthly Salary x 0.40
This will help you to gauge your finances and the amount of mortgage that you can afford.
Also you must be ready to be agressive & able to execute quickly as most of the properties in this price range sells very quickly and usually have multiple offers.
Hope this info will help you!
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