Home Buying in Logan Square>Question Details

Brian, Home Buyer in Chicago, IL

My score is 744. I make between 37-44k ( not including my fiancé) I just started saving. What isminimum down payment on a $160k condo? I'm new@this

Asked by Brian, Chicago, IL Fri May 11, 2012


Help the community by answering this question:


Get yourself pre approved from a Lender first. It is a great time to be a buyer. Take the right steps and you will set yourself up for success.

Bill J Deligianns
First Centennial Mortgage
0 votes Thank Flag Link Fri Jun 8, 2012
You have gone to the right place. Being the leader in the condo business and making dreams come true of homeownership for thousands of families the last few years, I can offer you the best programs and advise, hands down.
Call me or apply below to get started.

Senior Vice President
The Federal Savings Bank (formely Chicagobancorp)

0 votes Thank Flag Link Sun May 13, 2012
Brian -- You have some great advice from other Realtors here, however I would suggest you get solidly pre-approved with a great lender and go over all of your options and get a complete understanding of the purchasing costs and process.

I highly recommend Neena Vlamis to all of my first time buyers, her honest "client-first" approach is (in my experience) unusual in the lending industry -- she will not be afraid to advise that you wait on purchasing if she feels that is the best option for you.

Neena Vlamis (president)
A & N Mortgage Services, Inc.
Tel: 773-305-LOAN (5626) ext. 104

Good luck!

0 votes Thank Flag Link Sun May 13, 2012
5% on a conventional loan. If you buy a condo with Homepath, the min is 3%

Alex Romo
0 votes Thank Flag Link Sat May 12, 2012
If the building is FHA approved, you can do 3.5 percent if you are approved for the the loan.
I say save-up! closing cost can be another couple of thousand, and attorney fees
can add up..Sometimes sellers will pay for part of the closing cost, but I wouldn't count on it.
Call me 773 269 9473.
0 votes Thank Flag Link Fri May 11, 2012
3.5% plus closing cost (seller sometimes will assist or pay all closing cost this fee is 3-5% of purchase price) you will also need 2 months of your mortgage payments including taxes hoa fees and insurance . If you need further assistance with this process please feel free to call me at 708 925-4076 or email me at diana@findingourbalance.com I can also send you some listings of condos when you are ready
0 votes Thank Flag Link Fri May 11, 2012
4% the seller will pay all other closing costs or about 3% more.
0 votes Thank Flag Link Fri May 11, 2012
Hello Brian,

Good for you preparing for your purchase!

Condos are sometime difficult to finance.
You can buy an FHA approved condo with 3.5% and you can find out what is the required downpayment on conditional loans. Conditional loan lenders will examine the condo - by reviewing their financials, their condo docs, their condo questionnaire filled out by a condo manager.
The answers in this condo questionnaire have to meet lender's guidelines.

Another way to buy is through Homepath or Homesteps programs.
These are Fannie Mae and Freddie Mac foreclosed properties:
Homepath.com and Homesteps.com.
If you go through Homepath, even though condo is not financible - you'll be able to buy anyway.
Homepath requires to use their approved lenders - so it makes sense to start working with the one that is Homepath approved. When meeting with a mortgage pro, ask what costs are involved in your purchase and request their Good Faith Estimate (GFE).

Getting a pre-approval ready, once you have your downpaymentt will be your next step.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Fri May 11, 2012
You can do 3.5% down on certiain ones that are FHA approved which few of them are or you can do 5 % down and the association is healthy. Lenders talke a hard look @ the associations. I would be happy to help you. You need to talk to a lender who will also tell you what your costs are besides the down payment as well. Give me a call if you have anymore questions.
0 votes Thank Flag Link Fri May 11, 2012
There are a variety of loan options for condo's, especially if the condo is FHA aproved. My web site has lender references. It does not cost anything to speak with a few of them to get your choices and if you need a agent to help you let me know. My web site explains what I do for my buyer clients.
0 votes Thank Flag Link Fri May 11, 2012
Hi Brian-

No one answer here. It all depends on the condo you are looking at, and the related financial health of the association and your neighbors.
Are you a veteran?
How long have you been employed at the same job?
New construction or resale?
This list goes on and on.
In general, you might be able to get in with 5% down, more likely much more than this, especially if you wan to be in a strong building with a good association.
You need to find a good Realtor who knows the condo market, and meet with a knowledgeable loan officer so you are ready to go and plan for a future purchase the best possible way.
As always, I am glad to meet with you to discuss, just call or email me.

0 votes Thank Flag Link Fri May 11, 2012
Hi Brian. Great start with the saving. Keep it going! I would speak with a qualified mortgage broker about your options with respect to all things loan related. But in general, anywhere from 10% to 20% is going to be required. Unless you go the FHA route which is 3.5% down.

Best of luck to you!

Web Reference: http://www.markbazzetta.com
0 votes Thank Flag Link Fri May 11, 2012
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