Hello charo bhatt, yes as the rents as well as home prices are continually rising and the interest rates are too. It may be now or never as many are priced out of the market daily in their areas. You may not get a house for that payment but there are condos and townhomes in that possible payment range.
The purchase in Fremont start from 389k for 2bd 1ba condo and the single family homes start from 639k for 3bd 2ba home. You should check your qualifications and get out shopping for a home of your choice today.
You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
These are full documented loans. You will need to gather one month paystubs, two month bank statements, last two year tax returns including 1040s, 1099s, W2s and all schedules and copies of your drivers license or ID and social security cards for each applicant.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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