Home Buying in 07109>Question Details

Junior, Home Buyer in 07109

I see a lot of one bedroom condo's available . I know that most if not all are not fha approved ..what options do i have?

Asked by Junior, 07109 Sun Jun 9, 2013

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7
Most are Co-ops in Arbor hills, there are only a couple of lenders and they require 30% down.
0 votes Thank Flag Link Wed Apr 16, 2014
If you only qualify for FHA financing then you will need to look for an FHA approved condo community to buy in or wait until you save enough money for a larger down payment and have a good credit score to qualify for conventional financing . Then you can buy in the communities that are not FHA approved. Your other option is to look for a single family house in your price range instead of a condo.
0 votes Thank Flag Link Fri Jun 14, 2013
Junior,

It all depends on the Condo Association you are looking at. Some Condo Associations are only approved for conventional mortgages while other are approved for FHA loans. Although I have come across certain Condo Associations where mortgage companies will not lend to buyers in the community at all. Your best bet would be to make sure your Realtor contacts the Management Company to make sure the Association will qualify for a mortgages and what type it is approved for. If I can be of any assistance, please feel free to contact me.

Ron Sheedy
(732) 239-7452
0 votes Thank Flag Link Mon Jun 10, 2013
I can vouch for Al Rapoport. He is like an encloypedia of mortgage options. What options do you have, with regards to financing or choice of houses? What the 07109 zip code?
0 votes Thank Flag Link Sun Jun 9, 2013
Conventional financing would be necessary. To get the absolute lowest rate available requires a 25% down payment. To avoid Mortgage Insurance you would need a minimum down payment of 20%. you can put down as little as 5% if you qualify with both income and credit. Mortgage Insurance would be required and would be calculated considering your credit score, and LTV(Loan To Value) from anything between 95LTV down to 80 LTV where it is not required.
0 votes Thank Flag Link Sun Jun 9, 2013
I can offer you 95% financing on a condo that is not FHA. Please call me to discuss at 201-604-3485.
0 votes Thank Flag Link Sun Jun 9, 2013
Junior,

I would ask would you qualify for a conventional mortgage? If the answer is YES then the condo world is your oyster! Otherwise if you only qualify for FHA you should work with an agent that can help you to determine your options.

Feel free to call on me I'd be happy to help!

John Davis Jr., REALTOR®
Century 21 Cedarcrest
Direct: 973-944-5038
SMART Fax : 973-944-5038
Email: john@njpads.com
Web: http://www.njpads.com
0 votes Thank Flag Link Sun Jun 9, 2013
yea i qualify for a conventional loan...i have excellent credit, stable work history, and some money for a down payment....but I heard conventional mortgages require a higher down payment .
Flag Sun Jun 9, 2013
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