Purchasing a condo in Pasadena is a great option for first time home buyers.
First of all, Pasadena is a great and desirable location within the LA area. Location is the first thing to look for in making a real estate purchase. A good area that continues to appreciate in value.
Second, interest rates are still low enough that they can help you afford a condo purchase in spite of current condo prices.
How does a first time home buyer go about seeing if they can afford a condo in Pasadena? First, take a look at the current available condos for sale in Pasadena to get a feel for what is available and what price you may have to pay.
Second, speak to us about seeing if you can prequalify for a home loan to make your purchase possible. Our lender will ask you a few questions about your finances and will need to see the following items from you and anybody else that may be looking to buy the condo with you;
- Your last month’s pay stubs
- Your last two year’s tax returns and any accompanying W2 forms
- Your last month’s bank statement(s)
- Your date of birth
With this information, our lender will be able to tell you how much of a loan you can get and what your monthly payments would be. This takes only 24 hours and there is no cost to you whatsoever.
The most common type of loan programs that might be a fit for you would be an FHA, conventional, or VA loan. A FHA loan can be closed with a down payment of only 3.5%.
Once you are prequalified, we can start looking at condos that are a fit for you! You might find yourself in your own condo within the next two months. No more throwing money away on rent!
It’s easier than you think. Contact us now to get you started.