Loan Scenario: CT, $143,920, 690, 80% LTV, Purchase

First and foremost you want to check with your realtor and find out if the condo complex if FHA approved otherwise you may waste a lot of time if it is not. If it is not FHA approved then you cannot obtain FHA financing on that property. Just like the other lenders explained, FHA would be the best way to go unless either one of you are a veteran, then you could obtain a VA loan for 100% and no down payment. If you need any more help please let me know!

It depends on the classification of the condo. You may be able to put down as little as 3.5%. Please call me at 866-766-1918 and I'll be glad to check out the classification of the condo to determine your required down payment.

Tony, Your credit and income would yield you a great loan, no matter which direction you choose. The benefit of FHA is a lower down payment. The fall back is you have to pay mortgage insurance. You pay upfront a fee that gets financed, and then you pay monthly mortgage insurance of 1.15% of the loan/yr. So basically, your effective interest rate is higher, since you are paying more money, than you could if you chose a Conventional loan. Conventional loans, do require a minimum of 10% down, and also you are required to have mortgage insurance, unless you put 20% down. It comes down to how much money you have disposable, and how the down payment will affect how much you pay. Please give me a call if you would like a free consultation. Thanks Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125