Just Approved: Good timing on a condo purchase helps couple nab first home
Mortgage advisor: Dominique Stevens, Mayfair Mortgage Advisors,
Property type: Condominium in Oakland.
Loan amount: $546,000.
Loan terms: 30-year fixed.
Loan rate: 2.625%.
Backstory: With the eye-watering housing prices in the Bay Area, many potential homeowners have been locked out of owning their own home. We’ve found that there are some great opportunities to be had in the condominium market lately.
Our pre-approved couple had been looking at purchasing a single family home in Oakland, however they continued to get out-bid on their offers. We discussed their situation and they decided it would be better to start off with a fairly priced condominium, and later make the move, if they choose, to a single family home.
Within a week they located a wonderful two-story loftlike condo in Jack London Square. It was priced at $585,000. They offered $575,000.
Our couple was able to finance with just 5% down. We went to work processing the loan and were “clear to close” in 22 days. Buying a condo can prove a great way to get on the property ladder.
Dominique Stevens, Mayfair Mortgage Advisors, 415-250-8908, dstevens@mayfairmtg.com.