Call me or apply below to get started.
Senior Vice President
The Federal Savings Bank (formely Chicagobancorp)
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
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.
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,
Beachfront Realty, Inc.
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.
Best of luck to you!