Home Buying in Naples>Question Details

Il Snowbird, Home Buyer in Chicago, IL

Looking for 2nd home in Naples. Need loan already has 4 mortgages on credit report

Asked by Il Snowbird, Chicago, IL Fri Apr 17, 2009

Looking for 2nd home with at least 2/2, under $130K, condo/TH.

Q: is north naples a good area 34119? Any other area recommended?

How is the rental market when we are not using the unit?

We are looking at units in Cypress Golf & country. Is it a good area/community. Any other suggestions? The HOA and Condo fee combined is high. Would it be worth it if we are only there one or two month a year? Will the golf privilage helps renting or getting a higher rent?

Has 5 mortgages now, could not find anyone wants to lend to buy FL condo. FICO 750 , strong income. Any lender would lend there?

Thanks!

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Answers

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I definitely think you can locate a 2/2 in that price range. Search for some realtors that specialize in north naples.

North Naples is a growing community, close to Vanderbilt beach and just had the Mercato shopping center open. West of US 41 will pull a premium less than 6 miles to the beach at the 111 Immokolee exit.

Community fees are going to be high in golf communities and well manicured landscaping.

Rents have been in favor of renters with many condos on the market. Check out any restrictions in the communities to ensure you will be able to rent the unit you are seeking. Almost every community in Naples has golf so it will not be differentiated from most.

Most lenders in the loose lending days would restrict a home owner to 7. However these days many lenders will classify your purchase as an investment requiring more money down, slightly higher rates, and 6 months+ of asset reserves to cover all mortgages. 2nd home will only fly if this is your 2nd property or you can prove that the others are truly rentals. Banks will require bank statements and full tax returns, rental agreements on other homes if applicable.

If you have the income, cash reserves and the condo purchase is in no way a stretch for the next 3-5 years I would go for it. Naples is beautiful with extremely great golfing, close to the beach, luxurious appointments are standard in many communities.

Cheers!
0 votes Thank Flag Link Sun Apr 19, 2009
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