First step is if and when you want to buy a property, to sit down with a good lender, a mortgage broker is fine as they have access to various different programs to suggest to you based on your available down payment, but they also will be able to pre-approve you and you will find out how much money they will let you borrow to purchase a home.... remember that this does not only depend on your down payment, but also on your credit score, your income and all other debt, and then they will look at what you intend to buy, because if it is a condo and there are monthly assessments and the taxes all will
be rolled together to come up with the program and answers for you.
You may be able to fall into one or the other available programs..... First figure out the finances
before falling in love with a property...
A little bit of advice, DO NOT OVER EXTEND YOURSELF, remember if and when you lose a job,
God forbid, you may not be able to pay your mortgage and the taxes anymore....
You also should not look on your own for a property, once you find out that you can afford a loan, and you know what that amount is going to be, then you need a good Realtor to show you only
those properties that fit into your budget and fit your needs as size and location may be concerned.
Do not do this on your own.... Hope it will work out for you, just careful when doing your calculations,
make sure that at the end YOU are going to be comfortable with the monthly amounts to be paid
Good Luck to you...
@Properties North Shore, 30 Green Bay Rd. Winnetka Il. 60093
Edith always works in the very BEST interest of her clients Buyers, Sellers and Investors alike,
covering the city of Chicago, all N and NW suburbs and the fine homes of the North Shore.
Edith always goes the x-tra Mile with a Smile for all her clients.
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Have a wonderful Day :)