Financing in Brevard County>Question Details

Armando, Home Buyer in Brevard County, FL

Hello, I would like to buy a condo for 80k after 20k downp. I will be having it for rent. Iam 22 and have only a college loan. credit score of 700

Asked by Armando, Brevard County, FL Tue Jan 4, 2011

i do not have any other installment loan, or mortgage. i want to buy the property in florida and offer it for rent. Could i be approved for this loan?

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7
Armando,

I do not know much about deals in Brevard County but there are amazing opportunities in today's market throughout the state. I can tell you that, in my humble opinion, there is no safer investment with better returns than buying the right investment properties, in the right locations and the right price in southern Florida. I deal daily with investors in Palm Beach and Martin Counties and the biggest obstacle is getting contracts as the best deals get snapped up very, very quickly and most often it is a multiple bid situation. Fannie and Freddie now require that investors sit on the sideline for their listings for 15 days+/- to give owner occupants the first crack. I tell anybody who will listen to buy as much of the right properties as you can as this is a unique opportunity to position yourself for financial security in the future. You may be interested in reading one of my previous blogs on the subject;

http://tompriester.wordpress.com/2010/10/28/billionaire-gold…


Most of the projected returns I deal with are well in excess of 10% annually for those paying cash and planning on a hold period of at least 4 to 5 years. We run detailed financial analysis on each deal before making offers and if you would like to take a look at how I put that together please feel free to contact me at your convenience. We look closely at recent rental rates, inventory and absorption in each community to ensure your risk is limited. Since you are looking for a loan you will need to find developments that will be financeable and they are out there but you will probably have to come up with 30% in most cases.

Most of the best returns are found on smaller deals ($50,000 to $125,000). If you are tied into investing in Brevard County that is one thing but do not overlook the paradise we enjoy here in the Jupiter area. Here is another blog you might enjoy;

http://tompriester.wordpress.com/2010/06/04/jupiter-rocks/

If you have may have any interest in Palm Beach or Martin Counties or if I can answer any other questions, just let me know.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Tue Jan 4, 2011
Armando,

Most condos, unless FHA approved, require a minimum of a 30% down payment if you are not going to be an owner occupant. If they are FHA approved, you would only need 3.5% down, but then you have to pay a monthly FHA Mortgage Insurance Premium. I'd be glad to send you a list of FHA approved condos and townhomes in your price range if you would like. Otherwise, if you keep the purchase price to about $68,000 or less, your $20k down payment would be sufficient for most complexes as that would be 30%, and in that case you would have no mortgage insurance premium. There are numerous nice condos for sale that would keep you under $68,000, including many beachside which make fantastic rentals. I have 2 gorgeous, fully updated units with granite... listed in Beach Club Condominiums in Indialantic with community pool, spa, fitness center.... There are also several condos in Suntree and Viera in this price range that are excellent rentals. A great mortgage contact is Nancy C. Davis Branch Manager Supreme Lending 321-725-8200.

Please contact me for list of FHA approved properties, and/or any other nice properties where you can do a conventional loan without paying a mortgage premium!!

Lori Hurwitz
Paradise Properties of Brevard
Multi-Million Dollar Producer
Designated Relocation Specialist
Licensed Realtor since 1994
Cornell University, B.S. in Statistics and Biometry
University of Michigan, M.S. in Biostatistics

321-544-4382 (cell)
lorihurwitz@bellsouth.net
0 votes Thank Flag Link Tue Jan 4, 2011
Hi Armando,
There is a huge rental market right now with so many people not being able to qualify for a mortgage because of credit problems, so buying a condo to use for rental income is a very sound investment. On top of that, selling prices are extremely low. I ran a quick search of condo's for sale from Cocoa Beach to Melbourne Beach for condo's listed $100,000 and less to give you an idea of what's on the market- currently there are 86 available. Here is the link to veiw the properties: http://www.brevardmls.com/brv/maildoc/665325_1294149650-Jan-…

If you would like, I can set you up with a listing cart with the criteria that you're looking for and it will email you any time a new property becomes available. You can call directly at 321-622-4814 or email to BrittonGroupAdmin@gmail.com.

As far as qualifying for a mortgage, we work with a in- house lender, Nyroc Financial Services, that I'm sure can help you. Feel free to call Kristine at 321-863-6336 and she can answer all of your questions and prequalify you with no obligation.

Have a great day and I look forward to hearing from you!
Jim
0 votes Thank Flag Link Tue Jan 4, 2011
Your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. You should be careful of giving out any financial info over the internet.

please see my blog with tips and advice on ghetting a mortgage in todays market
0 votes Thank Flag Link Tue Jan 4, 2011
Possibly. But there are additional factors that you did not mention. What is your employment history? Do you have any other accounts such as credit cards even if they don't have a balance? Is the condo approved? And there are other requirements so the best thing for you is to call for a free consultation.

Jose Morales
Florida Mortgage Coach
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Tue Jan 4, 2011
Good Morning Armando;
When you have a chance, please call Lance Supernaw at The Home Lending source
1-321-698-1592 lsupernaw@thehls.com
http://www.thehls.com
He will be able to go over your financials and get you pre-approved.
Once completed I would like to assist you in finding the right property for you.
Please give me a call or e-mail me.
Phil Rotondo, Realtor
ERA Showcase Properties and Investments
Brevard County, Fl.
1-321-394-7878
mailto:phil@321property.com
http://www.321property.com
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Jan 4, 2011
Hi Armando,

Many condos are not able to get a mortgage without 50% down.

You can contact a lender to verify your income will qualify you to purchase if the condo is eligible for financing. I can recommend: http://www.KristineBredeau.com

Hope this helps.
Alma
0 votes Thank Flag Link Tue Jan 4, 2011
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