FHA loans allow 3% down payments so you have plenty to put down if you are going FHA. Even if you decide to go conventional, $30K would be a 10% down payment on a $300,000 Condo. I am not from your area, however, in our area you can get a small condo for that price.
Make sure you take into consideration other purchase costs and don't pledge all your funds for the down payment. You will have to pay such things as escrow and title fees, inspection fees, moving costs, etc. Your realtor should be able to give you a fair estimate of these additional costs.
Best of luck in finding your perfect home and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
I'm a Realtor and Mortgage Banker and I can tell you that Shel-lee is dead on with her advice concerning an FHA loan and 3% down. Under this program it is quite possible that you could purchase a single family home! But, you need to get pre-approved first.
If you have not been pre-approved to determine exactly what you can afford you may be basing your search on less-than-perfect information about your buying power and the loan products available to you. This can mean the difference between a "so-so" or strong neighborhood, which ultimately effects your choice concerning schools, appreciation, resale value, etc.
As a Certified Mortgage Planning Specialist I can also perform a Pre-Approval to identify your true buying power. Sounds like you want to move quickly, please contact me ASAP if you would like to take this all-important first step.
For more information on the Pre-Approval process visit the Web Ref link below.
Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTORÂ® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist
Steven Anthony Real Estate & Financial Services
Cell: 510.461.6011 Skype: brokersteve
First of all I like to congratulate you for lending at the right time, in this market place to buy a home!
As far as the down payment, you can put as little as 3% down payment as a first time home buyer, that is for FHA loan. Your income is good enough to buy a town house in Fremont in this market; also the down payment of 30K is sufficient. At the same time we need to consider answers to following questions.
May I ask you?
1. What kind of other debts you have, like car payments, credit card payments any other loans i.e. student loans. etc ?
2. Did you co-sign any where?
3. What kind of credit score (FICO) you have?
4. How long have you been at the current job?
5. How long have you been working in the line/trade of the job?
6. How many bedrooms of a town house are you looking for?
7. I have some good homes in mind that are REO/ Bank owned properties may just fit
right for your requirements
If you want to buy a home quickly, feel free to pick up the phone and call me
Any time at my cell phone at 510-381-2105 to make an appointment.
Or email at CharoBhatt@gmail.com
Visit my website to know more about me at http://www.HomesByCharo.com I have been selling Real Estate for 17 years in the town
Best luck for home hunting,
There are plenty of variables in a loan and we need more information than what you have provided. If you get an FHA Loan, you can get away with 3% down payment. Other conventional loans require at least
5-10% down payment. We also need to know your credit score and other liabilities.
Townhouse or Condo is very possible. It also depends on how many bedrooms you need. If you want to call us at 510-279-9580, we can pre-qualify you for the loan and also show you some condos/townhouses at the same time. It is best to meet and discuss in detail.
Help-U-Sell Achievers Realty
Achievers Home Loans
40083 Mission Blvd
Fremont., Ca 94539