HOW FIRST TIME HOME BUYERS CAN BUY THEIR FIRST CONDO

Condominium Mortgage Options

If you’re planning to buy a condominium and want to secure a conventional mortgage, getting the best interest rate will typically require a 25% down payment. However, there may be exceptions for jumbo loans exceeding $1,209,750. Some lenders don’t differentiate, offering the same interest rate for condos and single-family residences (SFRs).

For example, a $1,210,000 mortgage on a $1,512,500 condo (80% loan-to-value) might qualify for the same rate as an SFR.

FHA Loans for First-Time Buyers

If you haven’t owned a home in the last three years, you might be eligible for a Federal Housing Administration (FHA) loan, which requires a down payment as low as 3.5%. However, your income must not exceed the Median Income Limit, which varies by county.

To learn more about these options and the income limits in your area, you can:

• Call me at (415) 225-7920
• Visit online resources

Meanwhile, follow this link to watch a discussion on the topic with Aussy Manuhu from Rocket who was recently presenting in our office.

Stay tuned for our next online class scheduled for March 5, 2025

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630