Financing in 11238>Question Details

Jade, Home Buyer in 11238

Is there any risks to purchase a condo (converting from apartment to condos)? hard to borrow from bank?

Asked by Jade, 11238 Thu Jun 18, 2009

Purchase condo

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Yes, there are always some risks--but why not visit a qualified loan officer so you can figure out what your budget can handle first.

0 votes Thank Flag Link Sun Jun 21, 2009
There's always a risk purchasing any type of property. It's up to you and your lawyer to do the research of the condo complex you are interested in investing in. Basically, before you sign a contract your lawyer should be checking the financials and the policies. When there is a new conversion many banks want more than 50% ownership, certain amount of insurance and financial status and so on. When there is a new conversion usually the building has a bank or two that they are working with that's willing to give new buyers a loan if qualified.

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0 votes Thank Flag Link Sat Jun 20, 2009
Jade with any project where you are obligating yourself to make a payment routinely there is risk. This codo you are looking at may be a good deal if you already rent an apartment there. As for borrowing the lender will access your credit worthyness as well as the project itself.
0 votes Thank Flag Link Fri Jun 19, 2009
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