Home Buying in Encino>Question Details

Lilly Mk, Home Buyer in Los Angeles, CA

How can I found out if property I like will be qualified for 3% down (as I first time buyer)?

Asked by Lilly Mk, Los Angeles, CA Mon Mar 11, 2013

Im first time buyer, looking for a home on market, but how can I know what property I can buy with 3% down?

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Answers

6
Hi Lilly,

Your realtor should be able to give a better idea whether a property will qualify for an FHA loan, the guidelines are different for FHA than they are for a conventional loan. If you are looking at condo's or townhomes, your lender can see whether the complex is FHA approved or not. Hope that helps.

Jodie
0 votes Thank Flag Link Mon Mar 11, 2013
Your lender should be able to tell you if a property is FHA approved or not. Otherwise ask your realtor to do some research with their preferred title rep. Hope this helps. All the best.
0 votes Thank Flag Link Mon Mar 11, 2013
Hi,

I know of another program you might qualify for with less than 3% down and no PMI which is private mortgage insurance.

You will save more money.

Albert Goldberg Broker
800-765-3609
ALYourBroker@yahoo.com
0 votes Thank Flag Link Mon Mar 11, 2013
Hi Lilly, Most single family homes (without health and safety issues) will qualify for FHA (3.5% down) financing. Condos are different and your agent will need to make sure the complex is FHA approved. That said, the challenge in today's market is getting your FHA offer accepted. There are many buyers competing for the same property and the buyer with the largest down payment usually wins. Find a good agent to help you.
Good luck
0 votes Thank Flag Link Mon Mar 11, 2013
Good morning Lilly,
That's a common question. You should work with a Realtor who knows your market. She/He will ask you several questions to find out what you're your looking for..house, condo, how many beds, baths, area, price range, FHA..
The Realtor will do the searching for you, then you decide which ones you'd like to see.
I to work with many first time homebuyers, and have great lenders I can recommend. There is no cost to you the buyer at anytime.
Please feel free to contact me to discuss further.
Best,
Susan Bo'ur Realtor
Coldwell Banker
Susan@SusanBour.com
(310) 600-4240
0 votes Thank Flag Link Mon Mar 11, 2013
You need to work with an agent who will be able to tell you if the property can be purchased with an FHA loan or not. I'd be happy to help you. I work with a lot of first time buyers. I have great lenders who can help you to get preapproved, Contact me directly either at my email: lenasrealtor@yahoo.com or call me at (310)625-9005.

Lena Samigoullina
0 votes Thank Flag Link Mon Mar 11, 2013
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