My wife and I are interested a buying a home, but we have a condo to sell and it appears as if it isn't going anywhere. We were thinking about
keeping the condo as an investment, renting it out, and getting a 2nd mortgage for a house. Is this possible with? Are 0 down loans available since we would like to keep our savings in tact just in case our renters don't pay?
Bulls847,
If you are an eligible veteran, there are 0% down loans. If not, it is unlikely you will find a 0% down payment product. USDA offers one, but for homes outside of the metropoitan area. FHA would offer the lowest out of pocket expense, but you do need to meet with a mortgage professional soon. Conventional and FHA loans have restrictions on using rental income if it comes from a home that you are vacating, so a clear picture of what you could qualify for could only come after a thorugh review of your situation.
Bulls847,
I would be glad to go over your options with you. You can do a 3.5% down using an FHA loan as Karensells mentioned. There are options for you.
Please give me a call and I would be glad to offer a consultation for you and go over your options.
David Cruickshank
Ardain Mortgage Corp
847-354-5455
davidc@ardain.com
You need to talk to a lender to see what your financial options are. You may or may not be able to get enough equity out of your condo to purchase your next home without going into your savings. Home prices and interest rates are down so it is a great time to buy.
Call me and we can some of your options.
Dennis Toomey
RE/MAX TERRITORY
Cell (847) 338-0180
Fax (847) 956-2844
E-mail: dtoomey@remax.net
Web site: http://www.HouseByZip.com
You can do a FHA loan with little money down if that works for you. If you need more information please contact me:
Karen Crabtree Majerczak
847-368-1188 X14
As sad as it sounds, O% down mortgages are gone and rather for good. Actually, very few of these were available for existing homeowners, in the first place. Seeing value of your condo plummet hasn't been much fun, I imagine, still there is a silver lining here. Let's say in the best of the times your condo was worth $200,000 and now they sell for $150,000. You are about to lose $50,000, right? Not really... If you go for a house that used to be $400,000 and now is only $300,000, you are $50,000 ahead. So maybe it would be worth for you to take a "hit" on your condo just to get a very sweet deal a single family house? At this very moment, in Arlington Heights there are 47 single family houses available below $350,000
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