As for this condo complex and many others , most complexes in san jose are not approved for FHA financing which puts you in the boat of having to do conventional financing where the minumum down is 5%
I can connect you with a first time homebuyer lending specialist who can outline all the details and what programs you qualify for.
Would you like me to put you in touch with them?
All the Best
~ Permission to run your credit report.
~ Employer pay stubs for the last 2 months.
~ Employers list, W2's and tax returns for the last 2 years.
~ Bank Statements, 401k, stocks, bonds and/or any investment and asset account statements for previous 2-3 months.
~ List of other assets such as vehicles that are paid in full.
~ Verification of the source of your purchase good faith deposit and down payment funds.
~ If you are self-employed, Profit & Loss statements (IRS Schedule C) and tax returns for current and previous 2 years.
If you need a referral for a lender and/or would like me to email you some active listings, please contact me through my Trulia profile. Kind regards.
There are several options available to you. Two most common options are purchasing a home with 20% down and a conventional loan or FHA loan with as little as 3.5% down. There other option in between these scenarios also.
Depending on your income (for both of you) and areas that you may be interested in, there are additional programs available. You can use DAP (Down payment assistance programs). These are normally very low cost loans from cities and counties. There are also programs to assist you with your closing costs. Then there is MCC which has an effect of reducing your tax liability, allowing you to purchase a bit more. ( I am not an accountant- please consult an accountant and the MCC program for actual Tax ramifications)
All of these additional programs have constraints and requirements (Income level, where you can buy etc). I would strongly recommend talking to a Mortgage Lender who can review your situation and then advise you of programs that you may qualify for. If you are interested in these additional programs, then it is imperative you talk to someone who is very knowledgeable about these programs.
There are numerous lenders out there to choose from. I would highly recommend Misty Leonard w/ Wells Fargo. Her information is listed below should you need it.
NMLSR ID 439727
Wells Fargo Home Mortgage | 15105 Concord Circle | Morgan Hill, CA 95037
Tel (408) 776-2490 | Cell (408)-802-5533 | Fax (866)-673-6819
If the complex is FHA approved you can get in with as little as 3 and 1/2% down
If the complex is not FHA approved depending on your credit qualifications you may be able to get conventional financing with as little as 5% down.
However the credit qualifications for 5% down conventional financing are rather tight and rather complex.
For more information you may contact me at my cell phone: (408)509-6218
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
There are more options than just 20% down. There are 5% down options with Lender/Borrower paid mortgage insurance. I am not sure if these Condo's are FHA approved...if so, that is another option for you.
I recommend you get in touch with a Mortgage professional that will take the time to explain each option available. If you are a serious buyer, I can send you a quick spreadsheet with 2-3 low down payment choices. I would need to properly qualify you. This means credit, income and asset will be verified.
Let me know if you have any questions!
Home Mortgage Consultant
(415) 271-7740 direct
Please find some time to fill up the form below and I would take care of the rest.
It's a great idea to get a major bank loan approval in writing (Wells Fargo, Bank of America) and you can still shop lenders when the time comes. But getting major bank approval will help you a lot.