Anixallen: A thorough analysis of your financial scenario and current loan is needed in order to find your best options. Without all the information or specifics of your loan, it's almost impossible to provide you solid direction or info here. I agree with others here ... find and work along with an experienced mortgage professional to discover all your options prior to a decision. I would be happy to have the opportunity to earn your trust and business. I believe my 35 years of experience in the mortgage business and my financial planning background could be of great assistance to you. I have an office in Chicago or could easily meet elsewhere at your convenience. Please feel free to contact me here ... or through my website.
Best of luck to you, no matter your final decision ...
HOA is just a homeowners association, and both a condo and PUD (planned unit development) normally have them. I've even seen a few single family residences have some small HOA dues as well (like part of a city that has rights to use a local lake, etc.)
NY and the east coast is very different, so I can understand why it's a little different from the properties you normally see out there. However it's very popular in all of the areas where values got overblown - FL, AZ, NV, CA & apparently MI too.
Get this right... out here there are condo complexes, or what you would think is a condo complex, it even looks more like an apartment complex... however because the developer was clever and zoned them as PUD's, these attached-condo-looking things actually never have to meet occupancy requirements, get FHA or VA approval, etc... here is one of such buildings that I helped someone buy in. Notice the agents comment at the bottom, "Title information says Single Family Residence not condo ?????"
So people buy these "site condos" because some features are paid for - such as the insurance policy, or upkeep of common areas such as a community park, swimming pool, community clubhouse, etc.
One such example is a very new community of Ladera Ranch, CA (close to where I live), it has a mix of single family residences, PUD's, attached condos, and I believe even detached (site) condos as well. Check out it's website for all of the amenities it offers. It's a little too "family" for me, but a lot of people love it (and pay ~$600/mo HOA fees for it as well). http://laderalife.com/... more