As of September 1, Wells Fargo is offering condo loan programs with as little as 5% down. Since the Sept ’08 meltdown, condominium financing has been difficult, and for a time, the only low down payment programs were FHA loans. FHA financing was not available in all buildings, however, so many buyers, while willing to buy, have been unable to get the financing necessary for a home purchase.
Now, buyers can do 5% down, as long as their credit scores are over 700 and their debt ratios are under 41%.
Without question, first time buyers need to jump in and take advantage of
- $ 8000 buyer tax credits
- buyers’ market – low prices and high inventories available
- low down payment loan programs
Call Anne Rossley at Prudential RUBLOFF today to find a Chicago condominium!