You will need to talk to a loan officer to help you in choosing a program that will suit you best. If you are getting VA loan you can go with 0 down payment but you will still need some closing cost. You can get FHA loan and have 3.5% down or get a conventional loan with as low as 5%. You will need down payment and your closing cost. First step would be to contact a mortgage broker and then chose a REALTOR to help you with your search and your purchase. Any agent in this forum can help you.
With an FHA loan, the complex NEEDS to be FHA approved. You might be talking about a lender FACILITATING the FHA approval, but there does need to be an approval... We do FHA condo approvals, but when you pull an FHA case number and are working with a condo, there is a required field that needs to be put in, which is the condo approval number. You cant pull an FHA case number without it...
If a complex is not approved, you can GET it approved, but there is no FHA lending on complexes that are not FHA approved.
Many agents don't know that a condo complex does not have to be FHA approved to buy with a FHA loan. As long as the numbers on certain FHA criteria check out, some lenders will lend on it, although most won't. I can help you out there. It's so important to be able to think outside of the box in tight markets like this one!
Cory La Scala
CA DRE 01443391
So, best case is conventional with at least 10% down. In that case you can get what is called a "limited review" which would help in the condo project approval process...
As some of the other Realtors have mentioned, your down payment will be determined by your individual situation. I have some of the best lenders that could give you a quick answer to what your payments would be and what you qualify for. My advice would be to get a conventional loan to purchase a condo, because VA and FHA loans require the complex to be approved, which will limit your options.
VA loans 0%, FHA 3.5%, Conventional 5- 20% down are typical ,then you also have to factor in the closing costs which are usually around 2% of the purchase price.
Please feel free to contact me anytime to get pre-approved for a loan and/or to start searching for that perfect home. Have a great weekend!
Keller Williams Realty
CA DRE 01703306
1) Limited choices because the complex must be FHA approved
2) Frankly, it's incredibly difficult to get an FHA offer accepted right now.
This price range is selling like hot cakes and I've yet to get an FHA offer accepted this year. 'Stronger' offers are typically accepted...which means those with stronger down payments.
Strive for at least 5% down, preferably 10-20%....the more you have the better, right now...please let me know if I can assist you further.
There are some other things to look out for though. First if you go conventional you have to make sure that the Condo project would qualify. If you're looking to go FHA you would just have to make sure that the condo project was FHA approved.
If you're not looking to buy immediately I would probably advise going the conventional route due to some changes in the works for FHA financing.
But there is a lot to consider. If you'd like me to help you work out the different options I'm definitely willing to do so.
Of course the more you have down the better, but if you have a strong proactive agent, you can beat the competition.
I would love to help you take advantage of the great interest rates and great prices. Do you have a Realtor that is on your side to find you the perfect condo?
Please contact me with any questions. I am happy to help!
Keller Williams Realty
License # 01889404
I would love to assist you in your home purchase. The market is super competitive right now, so the more you can put down the better. Loan programs range from no down payment (VA) to 3.5% for a FHA loan, to conventional loans that go from 5% up. I am very successful at assisting my buyers to get their offers accepted, so feel free to reach out to me directly and we can get it the process started for you ASAP.
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McAllister Homes Real Estate
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HomeSmart Realty West
If you are a Verteran, you can go in with as little as 0 down.
FHA requires 3.5 % down
Conventional, you will need at least 5% down.
If you need free advise, please do not hesitate to contact me through Trulia. There is no cost or obligation. Otherwise, contact someone that you feel comfortable with, and who is knowledgeable who will answer all of your questions.
Security National Mortgage Company
NMLS # 343946
Company NMLS 3116