You will have a lot of choices when you start your New Orleans Condo Search and the first criteria that an agent needs to know is a price range. This will help narrow the field real quick. Try to stay in a reasonable range but see if you are will ing to pay more for the right thing or pay less by changing you other criteria.
Cash Buyer have a much easier time as they have the money. If you are needing a loan then a local lender is where to start. Make sure all the operations are going to be in one place. It is so much easier if the team is local. They can give the numbers based on your down payment and ability to borrow. You will need to figure in Property Taxes, Condo Insurance, Condo Fees and Closing cost. A good lender can give that number to you fairly quick.
They will also help you find the best possible Loan Type and the required downpayment that you will need for each. Second Home is 20% Down, Primary Residencce is 10% to get best deal, and 25% for investment property. Few condos will be FHA approved but there are a few.
The lender will also tell you all the documents you will need in order to make the loan. Thye will run a credit check on you to see what your credit score is. Best to get this done while you are starting to seach as the numbers may change as you become more knowledgable about the process. Mnay time sellers will want a pre-approval letter with an offer.
Once you are comfortable with the price range we can go to the next step which is just as important. Where do you want to purchase. That will be Part Two.