Help for young couple buying a first-time condo with FHA?

[Balboabride]

Thank you for the valuable information, Lucky in OC!! We will definately do our due diligence…I will post back here with the results!

To the guy that wants to buy in central SD…we have a friend who just had an offer in the 150’s accepted for a condo in 92116 that was listed much higher. I think it depends on the unit, the seller and the bank. Good luck.

[thebazman]

Thanks for the info, B.B. Sounds like there is hope. 🙂

Of course, then I get greedy and want to get a single-family residence and hope it drops to the same price.

[thebazman]

Thanks for the info, B.B. Sounds like there is hope. 🙂

Of course, then I get greedy and want to get a single-family residence and hope it drops to the same price.

[thebazman]

Thanks for the info, B.B. Sounds like there is hope. 🙂

Of course, then I get greedy and want to get a single-family residence and hope it drops to the same price.

[thebazman]

Thanks for the info, B.B. Sounds like there is hope. 🙂

Of course, then I get greedy and want to get a single-family residence and hope it drops to the same price.

[thebazman]

Thanks for the info, B.B. Sounds like there is hope. 🙂

Of course, then I get greedy and want to get a single-family residence and hope it drops to the same price.

[PCinSD]

Clairemont is an area that could meet your needs. As luck would have it, “Clairemontian” is thinking about selling:

http://piggington.com/sell_or_rentout_my_clairemont_condo

Seems like a perfect fit. No need to pay me any commission 🙂

[PCinSD]

Clairemont is an area that could meet your needs. As luck would have it, “Clairemontian” is thinking about selling:

http://piggington.com/sell_or_rentout_my_clairemont_condo

Seems like a perfect fit. No need to pay me any commission 🙂

[PCinSD]

Clairemont is an area that could meet your needs. As luck would have it, “Clairemontian” is thinking about selling:

http://piggington.com/sell_or_rentout_my_clairemont_condo

Seems like a perfect fit. No need to pay me any commission 🙂

[PCinSD]

Clairemont is an area that could meet your needs. As luck would have it, “Clairemontian” is thinking about selling:

http://piggington.com/sell_or_rentout_my_clairemont_condo

Seems like a perfect fit. No need to pay me any commission 🙂

[PCinSD]

Clairemont is an area that could meet your needs. As luck would have it, “Clairemontian” is thinking about selling:

http://piggington.com/sell_or_rentout_my_clairemont_condo

Seems like a perfect fit. No need to pay me any commission 🙂

[Blissful Ignoramus]

Briefly, I don’t like the math. I simply wouldn’t do a 90-95% LTV on a condo in San Diego in this environment. Even if you are sure you will stay long enough to break even or perhaps do better, I would save for a year or two to get the down payment percentage up to 20%. In the meantime, prices are due to continue dropping. That 20% is likely to be 20% of a much nicer place in a year or two. And this way you have no second mortgage (if you can even get one) and no PMI, a nicer place, and a much more reasonable equity cushion. Assuming reasonable habits and income growth, you can pay the thing off in your 10 year window (that may be true either way).

Another observation: How many people here bought their first place, and expected to live in it much longer than they actually did? I know I’m raising my hand right now. The market is likely to encourage you to stay put far more than it did me, but there are many unforeseen reasons for which people end up moving. Just sayin’…

Good luck!

[Blissful Ignoramus]

Briefly, I don’t like the math. I simply wouldn’t do a 90-95% LTV on a condo in San Diego in this environment. Even if you are sure you will stay long enough to break even or perhaps do better, I would save for a year or two to get the down payment percentage up to 20%. In the meantime, prices are due to continue dropping. That 20% is likely to be 20% of a much nicer place in a year or two. And this way you have no second mortgage (if you can even get one) and no PMI, a nicer place, and a much more reasonable equity cushion. Assuming reasonable habits and income growth, you can pay the thing off in your 10 year window (that may be true either way).

Another observation: How many people here bought their first place, and expected to live in it much longer than they actually did? I know I’m raising my hand right now. The market is likely to encourage you to stay put far more than it did me, but there are many unforeseen reasons for which people end up moving. Just sayin’…

Good luck!

[Blissful Ignoramus]

Briefly, I don’t like the math. I simply wouldn’t do a 90-95% LTV on a condo in San Diego in this environment. Even if you are sure you will stay long enough to break even or perhaps do better, I would save for a year or two to get the down payment percentage up to 20%. In the meantime, prices are due to continue dropping. That 20% is likely to be 20% of a much nicer place in a year or two. And this way you have no second mortgage (if you can even get one) and no PMI, a nicer place, and a much more reasonable equity cushion. Assuming reasonable habits and income growth, you can pay the thing off in your 10 year window (that may be true either way).

Another observation: How many people here bought their first place, and expected to live in it much longer than they actually did? I know I’m raising my hand right now. The market is likely to encourage you to stay put far more than it did me, but there are many unforeseen reasons for which people end up moving. Just sayin’…

Good luck!

[Blissful Ignoramus]

Briefly, I don’t like the math. I simply wouldn’t do a 90-95% LTV on a condo in San Diego in this environment. Even if you are sure you will stay long enough to break even or perhaps do better, I would save for a year or two to get the down payment percentage up to 20%. In the meantime, prices are due to continue dropping. That 20% is likely to be 20% of a much nicer place in a year or two. And this way you have no second mortgage (if you can even get one) and no PMI, a nicer place, and a much more reasonable equity cushion. Assuming reasonable habits and income growth, you can pay the thing off in your 10 year window (that may be true either way).

Another observation: How many people here bought their first place, and expected to live in it much longer than they actually did? I know I’m raising my hand right now. The market is likely to encourage you to stay put far more than it did me, but there are many unforeseen reasons for which people end up moving. Just sayin’…

Good luck!

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