Financing in Park City>Question Details

Ann, Home Buyer in Park City, UT

Can I buy a condo in Park City with only 5% down?

Asked by Ann, Park City, UT Wed Mar 25, 2009

Help the community by answering this question:


FHA is the best way to do this with only 3% down. If you are open to hard money then the interest rate can be very high. However if you have a great exit strategy then I also have people I can line you up with. Just let me know if you need more information.
0 votes Thank Flag Link Sat Aug 8, 2009
That depends on a couple things. Would this be your primary residence? Is this your first home purchase? Do you have a really good credit score? If you answered "yes" to all three of these, then yes, you could definitely buy a condo in Park City with only 5% down.

It's difficult to give a definite yes or no without specific information, but that's a rough answer for you. Best of luck!
0 votes Thank Flag Link Tue Jul 14, 2009
Yes you can, with the new FHA programs you only need to come in with 3%. All you need is a 620 FICO and two years of employment. Feel free to give me a call anytime with anymore questions. 435-513-2380
0 votes Thank Flag Link Fri Apr 24, 2009
Hi Ann,

Currently you will need to put a minimum of 20% down for a second home or investment property. However the banks are expecting to see a change in some of the lending progams in the next 2 weeks. Feel free to contact me and I can put you in contact with a couple of lenders in our area. Did you know that you can also use money out of your 401k plan to purchase real estate. The least expensive way to finance is to get a second on your primary residence, the intrest rates are most often much lower.
0 votes Thank Flag Link Thu Apr 9, 2009
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