To qualify for a home loan, you will need a 620-680 middle credit score (lenders look at all 3 reporting agencies). Along with 3 or more active and open trade lines (credit card, rentals, utilities, etc) in good standing (no past 30 days due in the past 24 months).
How much a lender will loan you for a mortgage is based on your annual adjusted income. The loan amount takes into consideration the price of the property, condo/association fees, special assessments , property taxes, and insurance.
Condos may be cheap to purchase, but monthly fees and accessments may make them more expensive than a single family home to own and maintain.
Michael D. Bellamy, P.A.,
REALTORÂ®, SFR, BPOR
Charles Rutenberg Realty, Inc
1900 Summit Tower, Ste. 220
Orlando, FL 32810
"The Standard of Excellence"