Hello Bakey Farrar, there are rentals for 2bd 2ba apartments in Sherman Oaks that start from $1,495 and up. Here is a link for Sherman Oaks and you can do additional searches for Encino and Studio City, etc.
You may qualify to buy with minimal out of pocket expenses and pay less than rent. The purchase in Sherman Oaks for 2bd 2ba condos start from 249k and 299k for 2bd 2ba condo with 1,136sf.
You may consider down payment assistance programs like CalHFA or Sapphire Grant which you can buy with minimal out of pocket expenses like first, last and security deposit of rentals...
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.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience