|
First and foremost, find a good real estate agent.... Choose someone who has been doing this for a long time. Their experience will help you navigate things with much greater ease than someone who is just starting out. Remember, they are there to help you and it is in their best interest that you go through with a deal, so don't be afraid to ask "stupid questions", or to divulge information like you maximum limit for purchase prices, etc. They aren't like some car salesman where you want to play it close to the chest. They are essentially your representative on the purchase, so they need to know everything.
There are also lots of resources available online to help with the condo purchase, but take all of what is said on these with a grain of salt because laws will vary from state-
to-state.
On that note BofA has a really great (very thorough) virtual walk through on the home buying process. I'd recommend you going through that (there is no sales pitch at the end and it is free) so you at least are familiar with your terminology when you start to move forward.
You'll need to get pre-approved from someplace. You can either go directly to a bank, or find a reputable mortgage broker to work through. This is a pretty painless process and can typically be done inside of a day. It's essentially the same kind of credit check that you go through when you buy a new car. This will be important to have as some places won't even schedule a showing unless you are pre-approved for a purchase at (or below) the amount the condo is listed for.
Also, to get a "conventional" loan for a condo, some states will require a minimum of 10% down for a non-FHA approved condo development. Some developments are already FHA approved, and some are not. There are a few programs that will allow you to do a 5% down loan on a Condo, but there are special requirements for how old the development is/how many owners there are vs. renters, etc. Again your real estate agent can help you navigate this type of stuff and only show you places that are FHA approved (if that is the type of loan you are after).
It can be really overwhelming at first, but really really concentrate on finding a good agent. Most agents will be connected with all of the right people (attorneys/mortgage brokers/ins. agents, etc) and can really make the whole process much less scary..
Good luck!
|