I'm guessing that if you are thinking of 3.5% down, you're thinking of an FHA mortgage. Remember, that for FHA, any condominium community (including townhouses governed by a condo association) must be approved by FHA, otherwise you would be unable to buy there.
If you need any information and/or if I can help you with your new home, please don't hesitate to contact me.
Best regards, and good luck to you.
Villa G Realty, Inc.
Personally, I always preferred to work with a mortgage company vs. banks: try calling your bank loan officer after hours/weekend....in addition, any bank will have their own, limited, "menu" of mortgages to offer; however, a loan officer will shop within the state and out of state, among 80 different lenders and up, for the best terms to fit YOUR needs...
Lets say based on only the information your provided and that you have no other revolving monthly debt you can qualify for a monthly housing payment of $1237.50. I do have other lenders that will go higher then that but the rate is not as desirable. Should you want to review your full scenario I would be more then happy to run numbers for you.
As Laura stated it depends on many factors. What are you basing your 3.5% down, what is it 3.5% of?
You can definitely get an FHA loan, however, I also know of programs through a few local banks where you can get a conventional loan with only 3% down and no Private Mortgage Insurance!
Please feel free to contact me with any questions. I'd be happy to help you find your next home!
United Realty Group
Check in with a good mortgage lender. You excellent creditscore will ensure you receive the best rates. And your income will be one of the qualifying factors to determine how much you can afford. But other items must be considered as well including your debt to income ratio, how long you have been at your current job. It costs nothing to get a mortgage pre-qualification. Contact a LOCAL professional (not an on-line service) to get you started on the road to home ownership. And don't let the process intimidate you. It only takes a few minutes on the phone to get your initial loan pre-qualification.