hi, what would be the dn. paymt. on this condo?

Asked by Bob Khouri, Ann Arbor, MI Thu Sep 13, 2012

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This question is about this property: http://www.trulia.com/property/3091118015-3005-Fernwood-Ave-…

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John Ramirez, Agent, Ann Arbor, MI
Fri Sep 14, 2012
Bob,
At a list price of $89900, you would be looking at a Down payment of 3146.50 for an FHA 3.5% loan, however often condominium complex are not approved by FHA. One can try for a spot approval and then continue with a FHA, but more than likely you would go for a 5% Down conventional which would require $4495.00 as a Down payment. If you wanted to avoid PMI ( Principle Mortgage Insurance) you would need to pay at least 20% down which would top out at $17980.00. These of course are all approximates given the list price, which I am sure would not be the offer or finial sales price. Feel Free to contact me if you have any further questions or need assistance in purchasing a home or condo. Take care John
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Missy Caulk, Agent, Saline, MI
Fri Sep 14, 2012
This condo is under contract, according to the MLS. It still shows active in the MLS until it closes.
The typical downpayment is 3.5% FHA to 20%.

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