I Live In The Bay Area, California. I Am A First-time Home Buyer. I Have Excellent Credit..?
(750+). My monthly income is 3000. I am interested in buying a condo (7 years old) which is priced at 399,900 and I am planning to put 5% down. I have met with two lenders..Lender A suggested 2 loans (to avoid paying the PMI) and Lender B suggested 1 loan. I would like to keep my mortgage payments as low as possible, and plan to live there for about 5-7 years. Any suggestions would be appreciated!
Category: first time buyer
your lucky to get a house for that price. i lived in marin county and it was about 750,000 mediam price congrats
my cousin is a mortgage broker… we got to talking about these… the two loan thing is generally bad…
whichever loan gives you a fixed payment amount is where you want to head.. some have the teaser, or they add the fee on at the tail end which is why so many places are in default right now.. you expect one mortgage payment, and it is that for a year, but after that, it baloons… happened to a friend of mine recently, the mortgage payment went up like 50% out of the blue.. but in the fine print…
not sure if this helps or not… but don’t trust the mortgage broker if they have anything to gain… they’ll get their money up front or at the tail end.
I’m also in the bay area
a condo in the Bay Area for only $399K? Where is it, in Milpitas?
Secondly, I don’t see how you could possibly qualify, even with your good credit, for a $360K loan on only 3K/month income. It doesn’t add up.
Hi,
You may want to see what programs you qualify for that are offered by the state of CA. Also, not sure where your condo is in the Bay Area, but the city of Oakland offers additional programs for first time home buyers.
Check out the link below to learn more.
Good luck!