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What is the income needed to qualify to buy a 90,000 condo on a conventional loan.

I have 5000 to put down and will be buying a condo or townhouse in Las Vegas ,89140
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December 09 2010 - US
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Profile picture for dacolan
The amount of income needed to qualify depends on several variables (DTI ratio, credit history, down payment, etc.). You'll need to contact a lender to get a specific answer to this question.
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December 10 2010
Because LV is considered a declining market most lenders require a 10% downpayment on condo's when going conventional. However, FHA allows a 3.5% down payment. Here is the catch 22. Both conventional (FANNIE/FREDDIE) and FHA require that the condo be on it's approved condominium list. Go FHA.gov and look at their approved condominium list. If the one you are interested in is not on the list find one that is. If it is on the list contact your local approved FHA lender and get pre-qualified. They should also instruct you on how to structure the contract to keep your out of pocket expenses to a minimum. Better yet find a REALTOR who has experience in selling condominiums to help you.
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December 10 2010
 
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