There are many alternatives for mortgage financing of 250 Pelican Court Foster City. This home is currently listed for sale at a price of $830,888. Foster City real estate agent Steve Droz is representing the seller.
You can purchase 250 Pelican Court with less than 20% down! FHA financing requires only a 3.5% down payment up to a loan amount of $729,750. Obviously with this home you would have to make a larger down payment than 3.5%, but at this price the down payment would be slightly more than 12%.
There are a couple of reasons why you may want to use an FHA loan to purchase 250 Pelican Court. First, the credit score required with an FHA loan is less than that of a conventional loan.
Second, if you cannot qualify on your own, FHA allows a co-signer to help you qualify that is not required to live in the property.
Here are some ideas on how to use conventional financing to purchase 250 Pelican Court.
As stated above, you could obtain one mortgage for up to $729,750. With less than 20% down, mortgage insurance is required.
To avoid mortgage insurance, you could obtain an 80% first mortgage and a 5% second mortgage. The second mortgage could be either an equity line of credit (which has an adjustable rate), or a fixed rate second mortgage.
One of the smartest actions a potential homebuyer can take for 250 Pelican Court , or for any other home, is to get pre-approved. Having a pre-approval letter when presenting an offer makes your offer stronger because it shows the seller that you are a serious buyer because you have lined up your financing prior to making your offer!