CAN YOU GET A 5YR OR 7 YR ARM MORTGAE ON A CONDO IN VENICE?

Asked by John White, Franklin, MA Sat Mar 17, 2012

WE ARE THINKING ABOUT PURCHASING A CONDO OVER NEXT YR OR SO BEFORE WE RETIRE 4 YRS DOWN THE ROAD. WE OWN ONE IN FRANKLIN MA NOW AND WOULD EVENTUALLY USE THIS AS A WINTER RETREAT AFTER RETIRED.
NEED TO KNOW WHAT MORTGAGE MARKET IS LIKE IN VENICE AREA FOR CONDO'S AS A 2ND HOME. RATES AND IF ARM'S ARE POSSIBLE. AFTER WE RETIRE WE WOULD MOST LIKELY PAY IT OFF OR REFINANCE.

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Ken Krzak, , Naperville, IL
Mon Mar 19, 2012
We have an asset based loan that might work nicely in your situation. Rates are fixed for up to 10 years and the rates are very low, interest only and you only make payments quarterly. Call me for more information at 630-430-6009.
0 votes
Jim Sweat, Agent, Venice, FL
Sat Mar 17, 2012
It depends on which condo association you are looking at. The strength of the association, how many people are paying (or not paying) their dues, how many units are owner occupied, rentals, seasonal are all factors in determining what a lender is willing to consider.

Venice has a lot of good, strong condo associations, and getting a mortgage in them is not a problem.
But there are a few that are "cash only".

Respectfully,

Jim Sweat, ABR, CRS, CDPE, GRI, e-PRO, ILHM

REALTOR

Sandals Realty

Mobile: 941-306-7384

http://www.ExplainShortSales.com

Team@JimSweat.com

A Proven Professional Working for You!

17 Years Experience
0 votes
Werner Untri…, Agent, Sarasota, FL
Sat Mar 17, 2012
Contact Gulfside Mortgage Services the # 1 Mortgage Broker in Venice. Give Tony a call at 941-485-4222, he is a great guy.

Kind Regards

Werner
Broker Associate, GRI, SFR, CRS, CIPS, TRC
www. WernerUntrieser.com
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