Home Buying in 32828>Question Details

Inthemarket2…, Home Buyer in 32829

Will I qualify for a loan? I'm looking to buy a condo that's just under 45k. My monthly income is 3,500 and my fico is around a 680

Asked by Inthemarket2k12, 32829 Fri Apr 13, 2012

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georgedickson9’s answer
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Mr George Dickson
0 votes Thank Flag Link Sat Mar 9, 2013
Condo financing and loan amounts under $50k are challenging in an of itself. I suggest, if you want those two parameters, consider a Fannie Mae property with Homepath financing. You can go to http://www.homepath.com for property listings.

As you may know, lenders consider the middle of three credit scores when qualifying a borrower, Homepath's minimum credit score is 680 for first time homebuyers. Investors and individuals purchasing a second home need higher scores and reserves (cash in the bank after closing the transaction.)

You can put down as little as 3% and you don't have to pay for an appraisal. The rates are higher than market because the mortgage insurance is built into the rate.

The other option is to find an FHA approved condo. FHA requires 3.5% down payment. You can also look for a HUD foreclosure that qualifies for the $100 down program.

I would be glad to assist you with your financing options.

Good luck,
Town & Country Mortgage Services, Inc.
Orlando , Fl
0 votes Thank Flag Link Sat May 12, 2012
There are lenders that will lend under 45k. It is always best to shop around to make sure you are getting the best deal. I work with several lenders that are easily accessable & can help you.
Email me or call what ever is easier for you. I look forward to speaking with you soon.

Jennifer Barker
Exit Realty Central
407-539-Exit (3948)
711. N. Orlando Ave
Suite 302
Maitland, Florida 32751
0 votes Thank Flag Link Sat May 12, 2012
Based solely on your income and credit score, you should not have a problem! Debt to income comes into play however and you should really speak with a lender. I have a great guy who is very professional and quick! Let me know if I can answer any other questions!

Francisco Orchilles
0 votes Thank Flag Link Fri Apr 13, 2012
Your income and Credit Score will not be an issue. Now what you have to take into consideration is whether or not the condo qualify for financing and whether or not we can find you a lender that will lend less than 50K. It also will depend how much you are willing to put down.

Do not hesitate to email me at ada0425@yahoo.com if you have any other question.

Have a Wonderful Day,

Ada Sanchez, Broker,CDPE
Pacific Atlantic Realty, Service Inc
0 votes Thank Flag Link Fri Apr 13, 2012
Your credit score is good and your income supports the purchase (although there are other considerations such as debt to income ratio, etc). I worked with a buyer last year who was able to get a loan for an amount under $50,000 and that lender might be able to help you. So the real problem for you is that lenders are just not giving loans for condos now. If you can find a similar property in a townhome community it might be doable. There are a couple of beautiful townhomes for sale in your zip code but the price is much higher (still great buys though in this market). If you would like for me to assist you further just call 407-864-3139, or email me at: sylvia@sylviapaulrocks.com
Good luck.

Sylvia Paul
Realty Center
Orlando, Florida
0 votes Thank Flag Link Fri Apr 13, 2012
Alan's right. It's because at the time of writing, mortgages generally start at closer to $100K for one, secondly, at that price it's going to be a foreclosure or short sale and the banks want cash, thirdly it's a condo and there are hardly any loans on condos right now, fourthly Florida has been classified as a "declining market" for a while where most condominiums are effectively "blacklisted", fifthly, even if you could get one you'd be competing with cash investors - and wouldn't be able to get one anyway. It's a cash, cash cash market. Got cash?!
0 votes Thank Flag Link Fri Apr 13, 2012
Really? Why is that? Just curious
0 votes Thank Flag Link Fri Apr 13, 2012
you may qualify for a loan but I do not know any lender that is lending on condos at $45k. I hope that other Brokers and loan officers can help because I will have lotsof business for them if they are lending on properties like this
0 votes Thank Flag Link Fri Apr 13, 2012
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