Dear Irene: From recent experience, you can get a mortgage although not through FHA. A Conventional loan would be possible if the buyer has funds for a larger down payment than FHA reguires for their loans. Nancy
I am sure if the "studio" were in NYC a mortgage would be found. I am also sure that if the studio were in NYC the price would be 5 times higher. Therefore, the problem is not with the studio style apartment but the mortgage amount. It is easier to get a mortgage of $300,000 rather than one for less than $100,000. If I am wrong, please let me know. I would be interested in all the facts to this purchase problem. Thanks for posting.
No. I am not a new agent. It is not a April Fool Joke. And I am not messing with anyone. I know the Villages, because I live here. It is fee simple. It is not a co-op. We had a buyer but the Mortgage company did not give a mortgage because it was a Studio. What to do.?
I'm with Gregg - is this an April Fools? Or maybe you are new to the business and just need some advice - I'll go with that - It's because most are co-ops and you dont actually own the home - you own shares in a corporation so you can't mortgage shares - you have to pay cash. Although there are some in Whitin that are considered fee-simple - or you can do a private loan instead of a traditional mortgage.
you're messing with us right? you know that many of the "retirement" homes in that area are co-ops and because of the title and market value mortgage companies are not going to write the loan. of course you know that, your company has most of those listings.