YES THEY ARE!
Halleluja!! Hot off the Press!!
There are lenders that are beginning to loan on condo’s with 5% down again! Like with an FHA loan, this loan plan requires 3.5% down from the Buyer and allows the Buyer’s relative to assist with the 1.5% remaining. The Buyer still needs a 720 minimum FICO score because they still must qualify for PMI (Private Mortgage Insurance). The particular lender presenting this program mentioned that the monthly cost for PMI is .9%.
Also similar to FHA loans, any particular condominium area needs to qualify in three specific arenas: 1) There can be no more than 15% delinquencies; 2) There can be no more than a 50% non-owner occupied; and, 3) the budget must be deemed by the lender to be ‘healthy.’ With many condominium FHA approvals expiring, this couldn’t have come at a more opportune time.
In addition, I hear there’s some loosening up for loans on second homes. Apparently, you can now get loans for second homes with only 10% down!
Be forewarned, with the increase in Buyer activity I’m already seeing; a drop in inventory in Irvine, CA which is atypical for Irvine in February, and this news on loans, the market, should all this be maintained, should continue to heat up. (Orange County, CA as a whole, is lagging a bit.) With this prices go up and so do interest rates. You cannot beat this market today!
Buyers, it is a must that you get your loans in place prior to going out to look at homes so I’m showing you the right properties for your individual circumstances. I know this is contrary to what you’re reading in the newspapers but my heart is on the pulse, I’m out there in the streets and this is what I’m seeing every day.
If your preferred lender cannot do these types of loans for you, yet; be sure to get in touch with me and I’ll work hard to find someone that can! You can reach me through this venue by clicking here or call me at 949-929-6343.
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