I am looking to finance a condo in los angeles? How do I go about this? I would like to make this happen asap

Question

My credit is not that great but I've never filed for bankruptcy. I have only been at my present job for 6 months and at my residence for 6 months. Will this be problematic?

Answer 1

Decision like buying real estate have less to do with what you desire, than they do with the question of preparedness.

Are you really financially ready to make monthly mortgage payments plus condo fees, plus your bills, plus anything that needs to be fixed or upgraded on the residence?

You should call Suze Orman's show, there's a segment called 'Can I Afford It?' and she asks for your financial stats and tells you wether or not you are able to go ahead with a purchase at this time.

I highly suggest you watch her show, check out her website, and check her books out of the library - you will learn so much about your finances.

Answer 2

Not problematic. There are many lender's out there that will still give you a loan on a Condo depending on Financial Status = FICO score's. Residence may be a concern for traditional institutional lender's. There are many Lender's that do not care about residence. Meaning living with Parent's is ok. Job Requirements as stated above may request for 2 years. Yet, a college degree and job placement can work as 2 years employment. There are Lender's out there that will give you a Loan with 6 months or 1 year employment. The end result is if you are a good assest to the Lender than they will allow you to borrow money from them to get into a home. New Fannie Mae product called My Community. Ask your next Loan Officer about it. It's a great product to help First Time Home Buyer's into properties.

Answer 3

Hey

I have an extensive network of realtors in CA that can help you out. Also a good Mortgage banker like myself can get you the best rate and funds faster.

My name is Humphrey Mitchell. I am a mortgage banker here in New York and I wanted to know if you have already been qualified for a type of mortgage program? We have programs for 100% financing with a credit scores as low as 580. We have been in the industry for over 15 years. I can help you get the best rate and the right program. If you already have a banker great too...I welcome the opportunity to beat his rates and programs. Hope to speak with you shortly you can reply to this message or give me a call directly at [phone]. Hope all is well and Good Luck!

Cheers,

Humphrey
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Humphrey Mitchell
Co-Chairman/CEO

Turbo Financial Inc.
303 5th Avenue Suite 1809
New York, N.Y. 10016

Cell: (917) 337- 8670
Phone: [phone]
Fax: (212) 213 - 1257

Licenses mortgage bankers in NY, NJ, CT, CO, MD, IN and FL. We are direct lenders.

Answer 4

Have you been in the same profession as your current job for 2yrs? Are you putting any money down? Most banks look for 2 yrs employment in the same profession, doesn't have to be the same job though. You need a realtor out there looking for condos for you and you need to call a Loan Broker to pre-qualify you.

Answer 5

First get hooked up with a local Realtor. See how much you can afford and get pre-qualified for a condo and start looking in your price range from there. If you need any help I am in the greater Los Angeles area. Please respond if needed.

Answer 6

You bide your time like everyone else, work your fanny off, keep your bills current to restore your credit, and THEN buy a condo. Instant gratification can't always happen.

Answer 7

it wont necessarily be a problem, its easier now then ever to finance a property, everyone can buy NOW, not later call a good national lender and see what the numbers look like. its all situational but hope is def there by the sounds of it.