yhern, Home Buyer in Atascadero, CA

My husband and I have a current mortgage. Combined income is 170,000. can we qualify for condo for our son to live in during college?

Asked by yhern, Atascadero, CA Thu Feb 7, 2013

How much would we need for down payment on condo selling for 210,000?

Help the community by answering this question:


Hello there.

Congratulation on your son attending college in SLO - I graduated from Cal Poly. I have lived in San Luis Obispo County for over 24 years and been a real estate agent since 1998, so I know the area and market well.

With your income and very little debt you should be able to qualify however the first step is to contact a lender. Then you will know what you qualify for and can start searching for the condo from there. It will matter if you claim the condo as your primary residence or if it is a 2nd residence. From there we can set you up to receive emails that fit your criteria and start looking. I have the names of some great local lenders as well. Give me a call if you would like help starting the process.

Kelly Sans, Realtor®
Century 21 Hometown Realty
1160 Price Street
Pismo Beach, CA 93449
Cell: 805.748.9402
Ofc: 805.773.2100
Fax: 805.773.2435
0 votes Thank Flag Link Fri Feb 15, 2013
You should qualify without any problems and depending how you would like to structure your loan you and you qualifications you can possibly get that down to a 3% down.

Give me a call and we will get our expert team on it right away and work out an acceptable plan for you.

Ken James
USA Realty and Loans
0 votes Thank Flag Link Thu Feb 7, 2013
I don't want to promise you anything but it certainly looks like you have enough income to support your mortgage payment, car payment, plus another mortgage payment on a $210k sales price condominium for your son. When you are ready, I'd be happy to help you run the numbers.
0 votes Thank Flag Link Thu Feb 7, 2013
Likely. If he's a student there's even a loan that provides owner-occupied rates.
Web Reference: http://www.SloHomeStore.com
0 votes Thank Flag Link Thu Feb 7, 2013
Oh, and yes, we would occupy the home with him as our younger son attends school in the same city, I work in the same town as the university, and the commute is 45 minutes from our current home.
0 votes Thank Flag Link Thu Feb 7, 2013
Current mortgage payment is 1000/mo. No student loans or personal. Excellent credit. No major credit card debt. One outstanding car payment of approximately 280/month.
0 votes Thank Flag Link Thu Feb 7, 2013
More info is needed to determine if your income is sufficient, primarily:

1. How much is your mortgage payment?
2. How much are your other monthly payments (car, credit cards, student loans, personal loans, etc.)?

Also would be good to know what your credit scores are.

When you are purchasing a home for your son to live in during college, it can be done in a few ways.

For the lowest down payment, and if your son can also be on the loan, and then you can purchase the property using FHA financing (3.5% down payment) or conforming financing (3% down payment if your son has the 3% down, or 20% down payment if you are providing the entire down payment). That situation is called a "non-occupant co-borrower" because you would be on the mortgage but not occupying the property.

You could also purchase it as an investment property without your son being on the mortgage, and would require a minimum of 15% down.

Purchasing it as a 2nd home (10% down payment) would require you to occupy the property for some portion of the year, so unless you are planning on living with your son for a period of time then it couldn't be done as a 2nd home.

Let me know.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Thu Feb 7, 2013
As little as 3.5%. 5% for better terms. Considered owner occupied as you need to house kids in college.
Feel free to email details and I'll let you know how high with the lowest DP.
U am a mortgage banker.
0 votes Thank Flag Link Thu Feb 7, 2013
A mortgage lender is you best source of information about home loans. I can provide you a local lender that will be able to answer your questions. My preferred lender is Glenn Warren and you can reach him at http://www.dnorwood.com/Glenn_Warren_Prospect_Mortgage.aspx

If you would like information about finding a home or condo, you can go to my web site at http://www.dnorwood.com/San_Luis_Obispo_CA_Condos_for_Sale.aspx to search for Condos in real time - currently there are 15 available condos for sale, but you may also want to consider single single family and PUD homes.

David Norwood - Central Coast Real Estate - 805-471-0828 / David@Dnorwood.com
Web Reference: http://DNorwood.com
0 votes Thank Flag Link Thu Feb 7, 2013

Many different programs out there, please give me a call and i can direct you to the best lender for you needs.

Steve Murphy

Century 21 Hometown
0 votes Thank Flag Link Thu Feb 7, 2013
Can the condo be considered as your vacation/second home (or will you be renting a portion of it)?
Where is it located?
Do you own any investment properties?
0 votes Thank Flag Link Thu Feb 7, 2013
yes, can be considered second home. will not be renting it out at this point. no investment properties.
Flag Thu Feb 7, 2013
There are other factors that determine mortgage qualification, therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Thu Feb 7, 2013
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