http://www.trulia.com/voices/Home_Buying/Buying_st_condo-57159I am a recent college graduate with enough money for 10% deposit. I'd like to buy a condo in Jersey City to commute to my 1st job in NYC. I should be able to afford morgage payments. Will I be able to get a loan by myself or will my parents have to co-sign it? They will be reluctant to do so until they sell their house (downsize) and buy their own condo. What are my options?en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-07059-187379/http://www.trulia.com/voices/profile/Real_Estate_Pro-07059-187379/Hi Ted, you've got a good down payment amount there - FHA loans allow a down payment as low as 5% so you are in good shape. Income qualification will be the next criteria - for mortgage, condo monthly maintenance and taxes. Your best bet is to talk this over with a reputable mortgage rep - if you'd like a suggestion, I'd be happy to provide the name of a good one. What an exciting time for you! Best, Jeannie Feenick Search and connect at http://www.feenick.comFri, 12 Sep 2008 20:29:47 -0700http://www.trulia.com/voices/profile/Other-White_Plains_NY-349677/http://www.trulia.com/voices/profile/Other-White_Plains_NY-349677/Hi Ted, Priority #1: You need to be PRE-APPROVED by a reputable lender such as Wells Fargo Home Mortgage, and here is a link to our website: www.sonniacarbone.com By obtaining your credit history, employment, income, and assets (total amount in savings, checking, brokerage, 401K, etc) we will be able to calculate your housing and debt ratios against your current income and advise you on what purchase price including the loan amount you will qualify for obtaining a mortgage commitment on a PRIMARY RESIDENCE of a Condo purchase in the state of NJ. I will also provide you with a Good Faith Estimate (GFE) or estimated costs associated with your future purchase. Once we gather all the pertinent information regarding your credit worthiness, we will be able to determine if you will require or not the use of a co-signer. -- This process takes about 10 minutes on the phone with me** Please feel free to contact me for addtional information: Sonnia Carbone, Home Mortgage Consultant, Wells Fargo Home Mortgage Tel. 914-285-1452 or my cell 914-318-0228. Please check-out important home financing information www.sonniacarbone.com email: sonnia.carbone@wellsfargo.com My goal is to assist you making the right decision, so you can obtain the Condo you can afford, and ultimately, help you succeed financially. Once you are pre-approved, you can start working with a licensed Real Estate Agent who will assist you finding your Dream Condo! Thank you for your question, **Sonnia CarboneFri, 12 Sep 2008 20:15:02 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/You will need to show employment for 2 years IN MOST INSTANCES, however contact a mortgage broker determine what they state. If NO save your money keep your debt ratio low dont run up credit cards, dont have your credit pulled till you can purchase a condo. http://www.lynn911.com http://www.homes-for-sale-dallas.comFri, 12 Sep 2008 19:55:31 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Warren_NJ-278268/http://www.trulia.com/voices/profile/Real_Estate_Pro-Warren_NJ-278268/Ted, In my opinion, it's always good to buy your home on your own without having any one co-sign. If you have a job and good credit, you a good selection of condos available in Jersey City. Congratulations on your recent graduation. If you want to contact me, I sell homes in Jersey City. Joan Prout, MBA Broker Associate RE/MAX Villa REALTORS Jersey City, NJ mailto:Joan@JoanProut.com 800-671-0596x1Fri, 12 Sep 2008 19:42:32 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Boca_Raton_FL-110205/http://www.trulia.com/voices/profile/Real_Estate_Pro-Boca_Raton_FL-110205/Ted, 10% of what purchase price? What you need to figure out is exactly what is your maximum monthly feasible expense for living is. Be sure that you don't over extend yourself. You can then calculate your maximum purchase price by adding a 90% LTV mortgage payment, plus taxes plus any maintenance fee's ,etc. Also, be sure to leave a few bucks for closing costs as well. As far as getting a loan yourself or with your parents help, you would need to speak to a qualified, licensed mortgage broker or Lender to determine your qualifications. They will then look at your credit history, debt to income ratio, down payment amount, maintenance fees, etc. I wish you the best with your new venture. Let me know if you ever need anything in South Florida. Good Luck Sergio JSM Realty Services, Inc.Fri, 12 Sep 2008 19:39:18 -0700