First-time buyer, want conventional loan

A first time buyer may have several options based on how and what you qualify for in home loans. 3% down is possible based on the credit score you cite. You have the option between choosing a higher rate and getting lender paid mortgage insurance vs.the lowest rate and a monthly mortgage insurance payment. You have other options as well in determining what loan (s) work best for you. As to closing costs you might qualify for our down payment assistance, we can provide lender assistance with slightly higher rate and your real estate rep. can ask for some seller credit towards closing costs. I would be more than happy to be one of your options in assisting you in making these choices. Please do respond to my profile. We are a mortgage bank in approx. 48 states right now though our division strictly serves California with location in the S F Bay area.

There are a couple ways to do the closing cost. You will either pay an inflated rate and the lender can rebate you funds to help off set closing cost or you will need to ask the seller for closing cost concession's you can ask for up to 3% on a conventional loan. You could look at doing a 3% down payment and using the other 2% for closing cost. Depending on the lender though seller paids and a 5% down loan is probably going to be the best route

Be prepared that amortgage fora condominium can be subject to a lot of extra requirements that the property has to meet. Some may not be eligible for financing, especially with 3-5% downpayment.

Hi Steve;Yes, you can even put down as little as 3% down as long as you qualify. Closing costs can be paid from a lender credit and seller paid closing costs -e-mail me at pete.bass@everbank.com for more information - look forward to hearing from you-

Yes.. it's possible, but much more info would be needed to properly advise you.. FTB programs only require 3% down, and closing costs can be paid by you, the seller, the Realtor, the lender, or any combination of the 4.. Condo's can be tricky to get financing on because there are more strict guidelines that the complex must adhere to.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. They can also let you know if the complex acceptable for financing. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

yes you can. We can usually cover your closing costs also.

Conventional loans do offer 3% and 5% down payment programs to qualified buyers. Your debt to income ratio, income verification, asset verification will also need to be reviewed. Contact a local loan officer, share your information and have them present you with all of your available options based on your needs. Best wishes, Sean