I want to buy a condo in a few months but I have no down payment, is it possible?
Sep.02, 2010 in
Pest control
My credit score is over 780. I have $5,500 savings but would want to keep that in case life events happen. I am pretty sure I can have the seller pay closing costs. The condo is a one bedroom for $85,000. Association fees include: ext/lia/fire insurance, pest control water, sewer,exterior maintain, pool, trash pick-up and reserve fund. I can afford $1,000 a month confortably.
Tags: association fees, bedroom, case, closing, closing costs, condo, control water, credit, credit score, fire insurance, insurance, life, pay, payment, Pest control, pool, score, seller, trash, water sewer
September 19th, 2010 at 7:37 am
It is possible with that credit score. You will likely have closing costs. With a 100% financing, you’re interest rate will likely be higher and you will face the dreaded… incredible waste of money… private mortgage insurance.
If I were making the decision, I would wait until I had a 20% down stroke. And that’s because it would save me soooooo much in the long run.
To each his own.
http://www.jgsales.com/index.php/ammo-for-rifles/223-rem-5-56mm-nato-/cPath/12_38
http://www.6mmbr.com/223Rem.html
http://www.varminthunters.com/
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October 3rd, 2010 at 12:39 am
If you do, you will pay a much higher interest rate.
It sounds like you already have a deal in mind.
I have seen 0 down from developers who are essentially discounting what they receive from their lenders [accepting less than the mortgage amount] in order to sell conversions.
These were previously rental properties converted to condos…
Find a good community-based lender. With your good score and savings, a community minded lender will be most connected to the risks for your particular market.
http://www.jgsales.com/index.php/ammo-for-rifles/223-rem-5-56mm-nato-/cPath/12_38
http://www.6mmbr.com/223Rem.html
http://www.varminthunters.com/
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October 13th, 2010 at 7:36 pm
YES!!!!!!!!
Do a FHA loan using the Genesis program. The seller is allowed to pay your 3% down payment and all your closing up to 6%. Talk with your lender.
This is a GREAT program.
http://www.jgsales.com/index.php/ammo-for-rifles/223-rem-5-56mm-nato-/cPath/12_38
http://www.6mmbr.com/223Rem.html
http://www.varminthunters.com/
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October 22nd, 2010 at 3:37 am
1- there are some closing costs the seller is NOT ALLOWED to pay
2-with the recent financial problems in the real estate/mortgage market, you’ll probably still need down payment money
only way to find out is talk to a mortgage person and have them qualify you
http://www.jgsales.com/index.php/ammo-for-rifles/223-rem-5-56mm-nato-/cPath/12_38
http://www.6mmbr.com/223Rem.html
http://www.varminthunters.com/
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