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, RealtorÂ®
Century 21 Hometown Realty
1160 Price Street
Pismo Beach, CA 93449
Give me a call and we will get our expert team on it right away and work out an acceptable plan for you.
USA Realty and Loans
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
Feel free to email details and I'll let you know how high with the lowest DP.
U am a mortgage banker.
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