can i get a 65,000 loan for a condo with 5000 down?

Question

my credit- average
income-40k/yr
marital status-single
time at job-11 months

Answer 1

You can definitely get a loan.

However, you would be borrowing more than 80% of the value on the property. While that's certainly done more and more frequently, it also makes it much more likely that you'd have a higher interest rate and that you'd also have to pay for something called PMI (private mortgage insurance.)

PMI does NOT cover the home (you'd have to get more insurance for that); it covers the amount of money that was loaned to you above the 80% mark of the value of the property. Be SURE you ask if this will be required when you're looking at loans, because it can make quite a difference in the amount of money you actually spend over time.

Answer 2

Yes! Also check out the grants and loans for your city,state and county, many have down payment assistance programs and you don't have pay it back.