Cathy, Other/Just Looking in Wallingford, CT

Is it difficult to get a mortgage for a daytona condo when you live out of state?

Asked by Cathy, Wallingford, CT Sun May 13, 2012

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Answers

1
That is a wide open question that depends upon several factors:
1) Your credit score
2) Your downpayment
3) Primary or secondary residence.
The answers to these three will get you started.
IF your credit score is good and you have a min. 20% down for a primary residence, you should not have too much problem. If is not a primary residence, you better have an excellent credit rating and atleast 30% down.
Also, be prepared to provide every kind of financial information that you can possibly imagine and allow for 60+ days to get the loan closed.
est of luck...
0 votes Thank Flag Link Sun May 13, 2012
thanks for your answer. Not exactly sure yet what my credit score is but it's very good if not excellent. (have had a mortgage for over 25 years and NEVER have missed a payment!) This will not be my Primary Residence YET. I am not of retirement age yet but do have plenty saved for that period of time and can prove that.

Why the need for 30% downpayment if not a Primary Residence?
Flag Sun May 13, 2012
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