If you’re thinking about buying a condo or loft for sale in downtown Los Angeles, you need to ask yourself these three questions:
- Can I come up with a down payment?
- What does my employment history look like?
- What’s my credit score?
Putting Up a Down Payment
Unless you qualify for a VA loan (only current or former military service members and some of their dependents, and some Department of Defense civilians do), you’re going to need to come up with some type of down payment on your new loft.
Remember that when you don’t put down 20 percent, you’ll have to pay for private mortgage insurance, or PMI.
A Solid Employment History
Lenders like to see that you’ve been working at the same job for at least 2 years. However, there are exceptions – if you haven’t, but you have other factors that make you a great candidate for a loan, you could still get great terms on financing from your lender.
Lenders want to know that you have a solid history of repaying your debts, so they’ll check your credit score to make sure. The higher your credit score is, the better terms your lender will be able to offer you.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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