If you are currently on the fence to purchase or not to purchase you better get off that fence quick rates will only be this low for so long. The values and the interest rates are right now at all time lows, you cannot ask for more just take a look at the prices of the homes in Goleta in the Goleta real estate market. Other than a free home you can not ask for better buying market. In any case if you are prepared to try to qualify for one of the many home loans on hand for first time home buyers, just get acquainted with how things work. You could be considering your options about buying a condo vs. a home because condos are usually cheaper. As some condos are really eye-catching especialy to those who do not like yard work. Since condo’s really have no little to no yard.Financing for condos for first time home buyers can be a little tricky. Some first time home buyers when they start considering buying a home. With condos being cheaper than homes, people start considering them seriously. Finding the down payment is not as hard. Just don’t forget that with condos you will get to pay a homeowners Association fee that can be as little as $100.00 to as high as $400.00 depending in your area. Due to the price difference, a down payment is always easier to come up with inspite of the fact that it may come up to as much as owning a home when you factor in the over all payment.Since the HOA payment is added to your over all debt ration, it can be a deciding factor that could decide your qualification for financing.But the most important question is..
Will that condo get FHA financing?
The reason being that you would have to pay more if it does not. Usually a minimum of 10% down payment vs. 3.5 % down payment, for a FHA loan. So since you may not have that kind of money to put down, rather than wasting your time, you could go to this website and check whether that condo complex is on the FHA website. Condiering a $100k condo, $3,500 does not seem much.00 than it is $10k, and DO NOT FORGET THAT THIS DOES NOT INCLUDE THE CLOSING COSTS AND IS JUST THE DOWN PAYMENT. Using this example would mean $10,000.00 in addition to the closing costs.
If you wish to know whether your condo complex is approved or not, just go to this link, https://entp.hud.gov/idapp/html/condlook.cfm
Once you are at the website – The Condominiums page allows users to inquiry for FHA-approved condominium projects by location, name, or status. The search can be configured to find specific types of projects through the use of the pull-down menus and entry fields. My suggestion would be that you click on the pull-down menu and choose ALL in the status menu (last one). Projects can have their FHA approval withdrawn for various reasons and you will need to know that information. Real estate market is presenting itself to be one very good buyers market even in the Goleta homes for sale you can find some very good deals. Each market is different and the current real estate market has many choices to accept from. Take a good look at all the condos that exist in your area. The FHA approval is very vital for the complex in case you are trying to get an FHA loan. Or else this could just be a total waste of time.