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Can I qualify?

I make approx $60k a year, with little to no down payment (I was told there was a down payment assistance program up to $70k?), Low DTI, 740 credit score. I'm looking at condos within the $300-$350k range. Is that realistic? by gracieelliot152 from Long Beach, California. Jun 26th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The short answer is yes but to know for sure, we have to look at your complete loan profile. Most DPA programs will give you enough for the minimum down payment.. on a $350K purchase price, the minimum is 3.5% (FHA loan).. But in addition to the down payment, you also need to pay closing costs.. that could be another 2% possibly more.. I work with really good R/E agents who are experts at getting the seller to contribute towards your closing costs.. so it's very possible that your total out of pocket expenses will be minimal.. This being said, the larger down payment assistance programs are intended for low income borrowers looking to purchase in more deprived or under served area's.. But another hurdle you will face is in regards to Condo's.. for FHA financing, the condo must be FHA approved.. if not, then you cannot get FHA financing... Another thing to note is in regards to the monthly association fee's. Condo's have an added monthly fee that can be very expensive.. in fact, it can put you above the allowable DTI ratios.. but regardless, whatever the fee, it has to be calculated into your ratios. There's a lot that goes into qualifying.. so i cannot simply say yes or no.. you really should pick up the phone and give me 5 minutes of your time.. Once I have all the info, I can let you know exactly what you qualify for.. no more guessing.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 26th 2018
Antonio Ramos (casagrande)
#395 ranked lender in California - 7 contributions

Yes, you are under the income limit and have the credit for the most widely used Down Payment Assistance program. It would also help you with the closing cost. There are a couple of programs to choose from weather you want to go FHA or Conventional. I only lend in California, let me know if you need assistance. Best of Luck

Jun 27th 2018
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