I am a homeowner. I am thinking about buying a condo. I currently rent my home. I do not plan on selling it.
I plan to make the condo my primary residence. I have 10% to put down on the condo and my credit is good with a 728 middle score. With the banks being extra cautious these days, will I run into a problem getting financing? I've been at my current employer for 10 years, so I have the work history.
Gis,
I am a Real Estate Broker as well as a Mortgage Broker. Your scenario is possible, especially if you are moving some distance away from where you live right now. Email me and I can explain further.
What a great way to increase your real estate holdings!
Bella Vista, Arkansas is considered a resort or retirement community. There are many options for buyers who wish to own townhouse properties. Because the community is unique, rental properties, are available to rent on weekly/vacation, as well as long term leases. Having a long-term lease/rental commitment on your house would offer the lender added comfort that you are not becoming over-extended with the purchase of the condo.
Different lenders have different requirements. Seek out an independent mortgage advisor to help you find the right lender for you. There are private lenders who would find your situation acceptable.
Condos have specific requirements, usually set forth in an offering plan, requiring a minimum down payment from 5% to 20% although there may be some requiring even more of a down payment. In addition, although you own your home, the amount of equity you have will be the most important factor the prospective lender will consider. All the rest of your information sounds great and I wish you the best.
If you need info regarding differences between a co-op and condo:
http://www.glenhagen.com/PageManager/default.aspx/PageID=2121923
Good luck!
Glen Hagen, e-PRO
Any equity you may have on your current home will help to qualify you. I have several homes and have not run into an issue getting financing. If you would like the name(s) of some good mortgage brokers/bankers, let me know; I will be happy to provide. Contact me at Gail@GailGladstone.com
Keeping the home to allow the tenants to increase your equity is a great idea - especially in this market. Much will depend on your payments on your house, your salary, and what your payments will be on your condo. If you need a reliable, honest mortgage broker, I would be happy to recommend someone. I am also a certified buyer representative so I could work on your behalf when you look for your condo. Good luck!
Ralph Windschuh
Century 21 Princeton Properties
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
631-467-0009
rwindschuh@c21princetonproperties.com
Didn’t find what you were looking for? Ask a question!
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity