I have worked with several first time home buyers in the past who were able to obtain a conventional loan with around 10% down.
I would be happy to recommend these lenders to you, and you can contact them to see how much you can be pre-approved for based on the amount of down payment you have prepared and your credit history, employment history, etc.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com with any questions/concerns and I can send you over the lenders' contact info.
I think everyone has covered the options out there. One thing to keep in mind with FHA is that they brought a new condition into affect, if you do not put 10% down at the time of closing you will be required to pay mortgage insurance for the life of the loan. Your best option would be to contact a local mortgage broker for the best and most up to date answers. Hope this helps and best of luck to you.
Your best bet would be to speak directly with a mortgage broker and go over your personal situation including your credit report, funds on hand for a down payment and closing costs, income, and anything else you might be able to provide.
You may be able to get a FHA loan with a down payment of 3% to 5%. And there may be other loan programs that you may qualify for.
I suggest you speak with Rob Nelson with Academy Mortgage Corporation. He will be able to tell you what you will qualify. And also, in this market, you will be competing with "ALL CASH" offers, Rob may be able to get you a loan with terms of a 10 day close...same as cash...which will give you the edge you need to compete with cash buyers in this market.
Feel free to call me if you have any questions...but do contact Rob!
All the best and good luck!
Excellent question... one of the first things you should do as a potential home buyer is to talk with lenders to find out what you can afford, learn more about what's involved when you get a home loan, and get professional estimates of the monthly payments you'll be making.
The other big advantage a number of homebuyers overlook is to get an agent early on so you don't have to guess at what the best options are in your price range and you can get quick answers to important questions. People often end up wasting time and miss out on great opportunites by trying to do too much for themselves.
If you you do both these things you'll be in a good position to know of what's important, have access to the tools and information you'll need to help you make the best decisions, and be in a ready to make an offer when you find the property that's right for you.
Here's a link to my comprehensive map search tool that shows all the properties for sale in L.A., Beverly Hills, Santa Monica, and the Westside.
You can set the search for homes, condos, different prices and sizes, and many other features. Please feel free to call or email me anytime if you have more questions.
I do not charge any broker fees transaction fees like all the other companies out there charge. in addition I also offer a cash-back commission program through escrow.
give me a call at 818-426-1700 and lets discuss your options.
There are options available for buyers in your situation.Buying with just 10% down.
At Coldwell Banker Residential, we have an in-house mortgage broker/direct lender that can show you the options, and houw much your monthly mortgage would be; depending on the several options available.
Contact me through Trulia so that I can put you in touch and discuss your housing options.
Tel. (310) 463-8088
CA BRE# 01921046
Coldwell Banker Residential
Good luck and congratulations on deciding to purchase, now is an amazing time to buy!! If you need an exclusive buyers agent to represent you, feel free to call me or contact me anytime.
Have a great day,
Heather Paul, Broker Associate, Realtor
You will be eligible for an FHA at 3.5% or a conventional of 3% down depending upon your credit and circumstances!