VA financing: 0% down and condo has to be listed as approved at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch (there is a process to getting a condo approved, takes 1-3 months depending on how competent the condo association is)
FHA financing: 3.5% down and condo has to be listed as approved at https://entp.hud.gov/idapp/html/condlook.cfm (there is a process to getting a condo approved, typically takes ~3 weeks)
Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
No, you do not need 20% to make a purchase. You also have the option of putting down 3.5% if you choose to use FHA financing.
Please email me (firstname.lastname@example.org) or call me (619.857.5044) should you have any other questions.
All the Best,
Sasha A. Harvey | REALTORÂ®
San Diego Castles Realty
DRE Lic. # 01355590
*** top 10 nominee for Union Tribune's "San Diego's BEST Real Estate Agent". winner to be announced on September 1st, 2011!
No, you don't need 20% down. There are loan programs as low as 3%- 3.5% down. However, with lower downpayments you will have to pay what's called private mortgage insurance (PMI). If you need a referral to some excellent mortgage lenders, please feel free to give me a call or email me.
Pacific Sotheby's International Realty
VA-owned homes - - If you qualify, you can get a loan with 0% down without being in the Military.
HomePath homes - - 3% down homes on FannieMae owned properties
FHA - - 3.5% down on any qualifying home (must be habitable, free of hazards, very common now)
Let me know if I can help at all, I've mainly worked with first-time buyers and investors in this market.
Also remember that when looking at condos you have to account for the monthly HOA fees... these can range from $50- 500 a month. This often over looked item can be a factor that pushes an "affordable" condo into the unreasonable range. Sometimes it is better to weigh your options and also consider looking at single family homes for the same monthly payment.
Save yourself some frustration and have a mortgage professional give you a list of viable projects within your price range and your preferred area if you desire to use FHA/VA financing.
Please feel free to contact me with any questions.
Maria Petrecs | REALTORÂ®
DRE Lic. # 01386327
No one seems to have mentioned the VA option (if You are eligible), which requires 0% down. Other than that, the FHA is a good way to go with only 3.5%. In both cases, credit score requirements are in the low 600 range, so qualification is easy from that perspective.
20% is not required to buy a home. In fact there are several different loan programs below the 20%.
please feel free to give me a call if you'd like any help.
Daniel Di Matteo
Check out http://www.fha.gov .........for a list of approved condos in your area.
As I mentioned - if you speak with a loan officer, they will let you know which condos are FHA approved.
But condo has to be FHA approved, and conditions apply.
Contact a good FHA lender locally, and a good agent to represent you.
Speak to a mortage rep., and he or she will be able to give you a better idea of what will be required.
There are other loan programs available for first time homebuyers besides conventional loans. (FHA for instance requires 3.5%) . It would be in your best interest to consult a mortgage professional/direct lender for your options.
Marcie Sands, REALTOR