Stephanie, Home Buyer in 90503

Does anyone think you could put 10% down or less on this property. Traditional loan only or an FHA possible?

Asked by Stephanie, 90503 Fri Mar 27, 2009

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This question is about this property: http://www.trulia.com/property/42411751-4060-Glencoe-Ave-308…

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This property is a short sale, meaning that the bank has not approved the sale or the price. You could be in escrow for some time before you find out if the bank accepts your offer.

As far as conventional or FHA, most higher end homes (condos) can pass the FHA inspection (appraisal), except for a few exceptions. But most higher end homes have buyers that will put down 10-20% if not more and those are always perceived as better offers by the bank (sellers).

Good Luck,
Dyanna
0 votes Thank Flag Link Fri Mar 27, 2009
Hi Stephanie,

Anything less than 20% down (with the exception of FHA financing) requires Private Mortgage Insurance (PMI). Most lenders are requiring atleast 10% down these days and then you would also get PMI however in order to qualify for PMI, you need to have a FICO score of atleast 720.

With FHA you only need 3% down. The property must also be approved for FHA financing. Your realtor can easily find this out. If you are not currently working with anyone, I'd be happy to find out for you. I can best be reached at 310-403-6988 or email me at Info@MyLosAngelesRealtors.com

Hope this helps!

Sincerely,
Katherine Olsen
ReMax Marquee Partners
0 votes Thank Flag Link Fri Mar 27, 2009
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