Home Buying in 32751>Question Details

Matt Gold, Home Buyer in Viera, FL

Relative to lending restrictions regarding condos, what are some things to consider when buying as an occupant?

Asked by Matt Gold, Viera, FL Sat Feb 26, 2011

I understand that the bargain basement condos out there have some very high HOA fees and assessments that might make them less of a bargain.

Additional thought, in general I am trying to determine as to buying on the cheap with cash, 40-60k range, expecting a higher monthly fee amount or buying in a more stable development where I'll qualify to finance a nicer home (100-125K????).

I have outstanding credit scores but need to keep ALL costs under $650.00 a month, hence looking at the "bargains".

Thank You

32751, 32714, 32804(zips)

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Carl Ashton’s answer
Matt visit http://www.homepath.com Fannie is looking to clear these out.....We are the excluse area lender for Homepath.

If you find one that you want to buy, unlike most condos you cannot finance FHA these are already approved for 3% down with a 660 credit score financing or 5% with a 620 credit score. No appraisal worries either.

650 a month FHA is ---- arround 128K you will be hard to find a

650 a month Homepath is ---- arround 135 K due to No mortgage insurance. Mortgage Rates on Homepath are slightly higher, or points will be added as it doesnt require mip. At todays rate quote.

We have some of these listed also at http://www.premierhomesstore.com

You can apply at the website below if you find the perfect home
0 votes Thank Flag Link Sun Feb 27, 2011
Get a copy of the budget.

The HOA needs to cover their expenses. With a lot of short sales and foreclosures, those units are not paying the HOA fees. The HOA fees need to be made up by the other owners.

As this mess gets cleared out, the monthly or quarterly fees will drop as the number of units paying raises. Another consideration. In some types of financing, if a certain percentage of the units are rentals and not owner occupied, you can not get a loan to purchase.

Debbie Albert, PA
Keller Williams of the Treasure Coast.
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sat Feb 26, 2011
I am partially motivated by the "pay cash no lender "aspect but the fees there equate to 10-30k in finance money.

Unfortunately, it looks like these 50k condos are not such bargains.
0 votes Thank Flag Link Sat Feb 26, 2011
I agree with Lynn that working with a local team (Lender and REALTOR) to help you find a condo that will work for you is critical. Make sure that whoever you work with is familiar with condos sales. Even if you aren't using FHA financing, buying a condo that isn't FHA approved may hurt you when it comes time to sell.

Best Wishes,
0 votes Thank Flag Link Sat Feb 26, 2011
You nailed it in your question, honestly make sure you can even get a loan on it first. Have your lender run the numbers before you even put in an offer, most cant be financed by FHA and even conventional has become increasingly difficult. Why? Simply put, they are not as good as an investment for you or the lender. Best of luck.
0 votes Thank Flag Link Sat Feb 26, 2011
No question Lynn, I shall.

I am just having a hard time getting any consistent methodology on where on the scale I should begin my search. I know I can buy a house in the low 120k range but I just cannot find anything in a house that I like so condos are now on my radar but as you know a bit more prickly (new FL laws too).

I suppose what I need is a formula for this:
50k down + no financing = such and such bargain basement condo and high fees relative to unit
50k down + financing 50-75k = better condo with fees more aligned with unit

Thank you for your reply!
0 votes Thank Flag Link Sat Feb 26, 2011
Work direct with a Realtor and mortgage broker who can answer all your questions. Virtual opinion not to your best interest.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Feb 26, 2011
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