Wednesday, March 24, 2010

Home Loan 5% down avoid FHA for Condo & Townhouse

If you're searching for a condo or townhouse for sale in the San Fernando Valley, chances are the community is NOT FHA approved.  What this means is that if you are qualified to purchase a home with an FHA loan,  the number of available properties you can write an offer on has decreased substantially. From what I've seen, 70-80% of communities in the valley are not FHA approved.  That sucks!

Lucky for you :-) You can now buy a condo and townhouse for only 5% down - conventional loan.  Isn't that great!  No more wondering if the building with qualify.  No more asking your agent (that would be me) if the building is FHA approved.  They're all approved!

So what do you do now? You should find your way to my San Fernando Valley condo site and look at the available properties for sale.  Keep in mind the market is super hot as many first time home-buyers are trying to get their hands on the $8,000 tax credit.  $8,000 is a lot of money so don't think you can do without. 

I previewed some great Encino condos and Tarzana condos yesterday.  You can find really good deals especially on the bank owned properties and equity sellers (standard sale).  A few I looked at had a starting price of $195,000.  Compare that to around $300,000 a few years ago.  You'd be crazy not to buy!

The first step is to get qualified before doing anything.  Why?  You need to know what you can afford.  I have the best loan officer on the planet in the San Fernando Valley.  If you don't call my guy, I cannot guarantee you'll get the home.  If you need a recommended San Fernando Valley loan officer, call Tom Cortesi with Home Services Lending / Wells Fargo Bank.  Here is his info:

Tom Cortesi with Home Services Lending at 818-817-4261 office or 323-791-8145 mobile.

Here is Tom's website: http://www.homeloans.com/tom-cortesi

More Links: