want to buy home or condo- first time buyer in Winter park or Orlando in Orange county - moved from California

Asked by Uma, Winter Park, FL Mon Jan 19, 2009

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Jacqueline C…, , Orlando, FL
Mon Mar 2, 2009
Hi Uma,

The first step in this process is to get prequalified. Loans for a condo or townhome may be difficult to obtain at this time. Banks consider condos and townhomes high risk. If you really want to purchase or condo, please try to find out how many homeowners live in the complex vs how many renters. Banks look at this ratio - it's called investor concentration. The more investors or renters, the more difficult it will be to obtain financing.

You can overcome this if you have excellent credit and approximately 10-20% down.

On the other hand, if you are interested in purchasing a single family residence, you may qualify for an FHA or conventional loan. FHA rates are very competitve. You can use an FHA loan to obtain a fixer-upper or foreclosure. You're not limited to existing homes.

Feel free to contact me for a fast, free prequalification.

Best of luck,
Jacqueline Clarke
Down Payment Assistance Specialist
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes
Frank Ferrell, Agent, Winter Park, FL
Wed Feb 11, 2009
Congratulations. Uma! You have already completed the first step in home buying--Making the Decision to Buy! It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new home or condo in Winter Park and write them down. Determine how long you want to live in your new place - does buying still make good financial sense? Can you afford a home or condo that meets your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. Your next step is to seek professional guidance from a licensed Realtor, who will discuss your best options in purchasing a condo or a home and help you get pre-qualified by a mortgage loan officer. Happy house hunting!
0 votes
Kelly Linehan, Agent, Oviedo, FL
Mon Jan 19, 2009
Hi Uma,

I'm not sure what kinds of questions you are looking for to be answered. The first place you will want to start with is talking to a lender. You will want to see what you can qualify for, and what you are comfortable paying. You will also want to choose a Realtor that is familiar in the area you are looking to buy. Happy house hunting!

Kelly Linehan
Web Reference:  http://orlandohomeliving.com
0 votes
Greg Traub, Agent, Orlando, FL
Mon Jan 19, 2009
Hi Uma, what kind of questions where you looking to have answered or where you looking for someone to help you get started?
0 votes
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