Home Buying in 08759>Question Details

Irene Keddy, Real Estate Pro in Lakehurst, NJ

why can't I get a mortgage for my a buyer who is wants to purchase a studio in an adult community.?

Asked by Irene Keddy, Lakehurst, NJ Thu Apr 2, 2009

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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
0 votes Thank Flag Link Thu Apr 2, 2009
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.
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Sat Apr 4, 2009
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.?
0 votes Thank Flag Link Sat Apr 4, 2009
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.
0 votes Thank Flag Link Thu Apr 2, 2009
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.
Web Reference: http://Ask4Greg.com
0 votes Thank Flag Link Thu Apr 2, 2009
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