Home Buying in Nipomo>Question Details

Rudy, Home Buyer in Nipomo, CA

I would like to buy a condo in nipomo. I am building up my credit, and I don't have a lot of debt. What are my chances of making this a reality?

Asked by Rudy, Nipomo, CA Sun Apr 1, 2012

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6
Rudy, if you give me a call I will hook you up with the best lender, here at a local bank.Nipomo is in an approved area for USDA financing.It is 100% financing with very low interest, and essentially no mortgage insurance premiums to ad to your monthly payment. It is income restricted so if you are making too much money and are overqualified it won't work for you. But the options and opprortunities are many,be sure you select the best Realtor to assist you. Distressed sales are great buys but termite reports and any other work or repairs may not be allowed. They generally disallow home buyer warranties as well. Call me, Erin at 805-540-8485 to discuss our programs for providing these reports and warrantie for our buyers!!
0 votes Thank Flag Link Mon May 7, 2012
I have a condo that I want to sell this summer. autumn41@juno.com
0 votes Thank Flag Link Thu Apr 26, 2012
Hi Rudy
You should discuss your situation with a Lender and Realtor.
There are many factors involved to answer your question.
If you do not currently work with a Realtor give me a call to discuss further. I can be reached at 805-234-4509.
0 votes Thank Flag Link Mon Apr 2, 2012
Dear Rudy, It sounds like you are doing all the right things, however i urge you to start now at working with a good lender, get pre qualilified, and the lender will go over your credit report with you and guide you thru the process, meanwhile you can start looking at the condo complexes and get familiar with the floorplans so you are ready to go when your credit is ready. Pat Haley, Keller Williams Coastal Valley, 805 570 5835
0 votes Thank Flag Link Mon Apr 2, 2012
Since you mentioned you are interested in a Condo, you should know that the lender will take into account the condo association fee (HOA) as part of the cost of the property. This sometimes makes it more difficult to qualify for the loan.

For example, if you buy the condo at 1193 Swallowtail Way, Nipomo, and barrow $250,000, your monthly loan payment @ 4% would be about $1,194.00, which you might qualify for. However, the HOA fee is an additional $457.26 per month, bringing your monthly payment to about $1,651.00 ($1,194.00 + $457.26 = $1,651.00), which you might not qualify for. It may cost less to purchase a Single Family home compared to a Condo even if the selling price is greater on the single family home.

If you call or email me, I would be happy to provide you with a few very good lenders that can answer your questions about your personal financial situation accurately. david@dnorwood.com 805-471-0828.

In the meantime, you can look at all of the homes, and condominiums IN REAL TIME, in Nipomo and the Central Coast on my web site at http://dnorwood.com/NIPOMO.aspx
Web Reference: http://DNorwood.com
0 votes Thank Flag Link Mon Apr 2, 2012
You didn't mention your income, nor should you on an open online forum. Your first step should be to talk with a good loan rep who can evaluate all of your financial and credit information, discuss a variety of loan options that might be best for your personal circumstances and share strategies for continued credit repair if necessary.

I can suggest some lenders known to do great work for clients if you wish. Or you may ask around of friends or family about lenders who have done a good job for them.
0 votes Thank Flag Link Mon Apr 2, 2012
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