I live in Allview and consider it a hidden gem. Our neighborhood is an outparcel, we have a voluntary HOA with a fee of $25/year that helps to cover the cost of the 4th of July parade, easter egg hunt, grass cutting, etc. An yes you don't need to pay if you don't want to. My son likes to fish at the end of Allview and we have a great neighborhood pool that is private and not crowded, you can join as a bonded or associate member. It is not part of CA, so we can still bring floats to the pool and enjoy a quiet evening socializing without fighting crowds for a table.... more
The FHA loan is likely not possible. You would have to qualify for both the new mortage and your rental home since you only have a 10 month rental history. VA ( Veterans Affiairs) will allow a current lease and rental income not to be counted against the VA mortgage applicant.
You primary mortgage option is conventional unless you sell your rental home.... more
I think Jeff got it about right. 20% approvals for condos are too low. the 75% number is also incorrect. One thing to be clear, the banks goal is to protect their money and they aren39;t always rational on how they do it. Nothing else matters to them. Condo loans have always had a higher layer of risk and you are really starting to see that develop in the lending industry. Bottom line for me, if I was going to buy a home as in investment long or short term, I would not buy a condo. In the DC area they have been historically the last to appreciate in a rising market and the first to crater in a falling one. All these restrictions plus the shorts and foreclosures led me to think that the condo market will stay weaker than the general market for years. Are there exceptions? Of course but do you want to play that game? Some will win, most will lose that game.... more