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
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.
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!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors