Asked by FrustratedInSouthBay, San Jose, CA • Thu Mar 13, 2014
My gf and I just moved to the San Jose area from Colorado and are running into a bit of a problem with finding financing in the area. I have a couple pre-qual letters from different lenders in the area that puts me in the price range for a condo or townhome in the Santa Clara area (sub 500k range). FHA seems to be our only option because of our down payment. However, in this area it does not appear that a lot of sellers want to work with FHA buyers right now. We've been looking for about two months now and are starting to think that renting is our only option. We did find a lender that would do a 0% down payment 20 80 loan product, but only for a single family home. Is FHA our only option for this area since we are not first time home buyers? Maybe something without mortgage insurance that allows for condo/townhome purchases?
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