How do I get a $40,000 mortgage in Florida to buy a 2bedroom condo at Century Village - Boca. I'm a first time buyer - senior citizen moving

Asked by Evelyn Friscia, 48034 Wed Mar 10, 2010

from Michigan. Do I have to put 20% down? What's the best rate & for how long? Approximately how much should closing costs run? How do I get an inspection done? What else is needed before buying?

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12
Alicia Lamme…, Agent, Delray Beach, FL
Thu Mar 11, 2010
Hi Evelyn!

I am sorry to say that the banks will NOT finance any condos in Century Village/Boca Raton. This is because of a Land Lease on the entire property. One way you could purchase is if you have an equity line of credit available to you. Please check with a financial advisor before doing so.
My best to you!

Alicia Lammersdorf
Illustrated Properties
BA/ABR/GRI/TRC
English/Spanish/Italian
561-809-8328
http://www.ILoveBoca.com
Web Reference:  http://www.SoldBuyAlicia.com
2 votes
In The Same…, Home Buyer, Daytona Beach, FL
Sun Nov 7, 2010
Evelyn you sound just like me. I am in the same "bind". I have made over 30 calls now to try to find a mortgage for approximately the same amount as you are looking for also for Century Village but in WPB.

Century Village is not FHA approved therefore it doesn't qualify for an FHA loan
If you are not a veteran you can't qualify for a VA loan.
And all of the conventional mortgage lenders I have contacted state the same identical thing - they either do not want to finance a condo in Florida OR they will not finance anything (condo or not) under the price of $50 and in some cases $80,000.
I have been making call after call-day after day-have even called several hard money lenders and even they will not finance anything under $50,000.00 and want 12%-15% (yikes).
I even called a Century Village realtor's office who's website claims they do know who finances them and to call their #800 to get the info - and site even says that the lenders they refer you to WILL do lower amount loans and are even forgiving on past credit history, etc.....when I called them I was told of ONE and was told that someone (an agent) would call me back with names of others that also finance there....and NO one called back. (not that day-not the next day-not any day)

I think we are on the same "boat" here. I knew parents of a good friend of mine that lived there for years (who have since passed) and waited years (over 20) to meet with the age requirement to live there - now that I have reached the 55+ requirement I can't find a lender that will finance there. I only found ONE bank that would even deal with Century Village but even THEY said they wouldn't touch a loan less than $50,000 and even then they said $50,000 with 25% down & their interest rate was approximately 2.5 times higher then an FHA loan charges and 3.5+ times what a VA loan charges and so on (crazy in this economy bad market).

I do wish you luck and if you DO find a lender that will finance there please let me know as well, because I have called & contacted every place I could think of-find out about-etc. and honestly I do not think anyplace will finance in there because after making over 30 and maybe over 40 calls I haven't found even one...and it seems unless you are able to pay all cash to purchase there (and most of us can't - especially in this economy) you can't buy a condo there it seems.
1 vote
Beachhead1954, Home Buyer, Port Saint Lucie, FL
Tue Sep 19, 2017
Hi Evelyn:

Harbor Community Bank will loan you up to $40,000 on a land-lease in Port St. Lucie. See if there is Harbor Community in Boca. If not call Manny at Harbor Community in PSL. They will only lend funds for 20 years and only up to $40,000. You must have a credit score of above 621. The bank's phone number is: 772 446 8800. Good Luck.

Debbie
0 votes
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0 votes
Ramazan Dilek, Agent, Boca Raton, FL
Tue Apr 12, 2011
I work with some lenders that give mortgages as low as 20k. There are also other communitires in Boca Raton other than Century Village. If you think around 30k-40k. You can buy 1-2 bdrms easily. Century village is not your only option and you do can get mortgage to buy these condos.
You can look at craigslist as another home buyer suggests below but that will make you work harder. Many of the condos' information and status will be outdated in craigslist. If you contact an agent, that agent will be able to send you all the listings available in any community with up to date information on all the units available to buy. Your agent can also send you any new property that comes into market even in the same hour so you will be one of the first to know about that property. This way you will have a better chance on getting that property before someone else. If you have any questions, you can contact me. Thank you and have a great evening.
0 votes
Jennifer Sus…, Agent, Boca Raton, FL
Tue Apr 12, 2011
Dear Evelyn,

I'm sorry to tell you this...Century Village does not allow mortgages. As you can see below, these are all great reasonings.

Good Luck with your home search!
Jen Sommers
Web Reference:  http://www.AgentBoca.com
0 votes
In The Same…, Home Buyer, Daytona Beach, FL
Thu Feb 17, 2011
That is not true. If no banks will finance there then there wouldnt be some units there that are bank owned from being in foreclosure to begin with. It isn't easy for sure to find a lender to buy there-I have been looking for over a year for one. But what I have found out for sure is:

(1) They will not fnance anything under $40,000
(2) They want 20% downpayment
(3) Century Village is not FHA approoved
(4) The application fee for the HOA is $100
(5) There are condo's within Century Village that start as low as $9,000 and go upto about $100k but the prices are basically based on (a) how much upgrading and work has been done (b) the square footage of the unit itself (c) the size of the unit per # of rooms (d) what floor it is located on (ground-2nd-etc) (e) how many owners the unit has had to date

You can find Century Village listings on Craigslist - go to Craigslist site then choose South Florida or West Palm Beach area. Then click on real estate link (center top of screen page) then in the top info bar type in Century Village (so you don't have to go through every single home/condo listed on the site) it will bring you to all Century Village listings and nothing else. Then just go through the postings on there.

Another way to find listings there is go to the top of your screen and in the info bar type in: CenturyVillage.com and hit enter....it will bring up the site for many listings there and other information about the property, the clubhouse, the HOA's, dances, amenities, etc.

Good luck and if you find a lender that will do a short term loan there under $40k do let me know
0 votes
Ramazan Dilek, Agent, Boca Raton, FL
Wed Feb 16, 2011
Hi Evelyn,
I have a different suggestion for you. I am just looking at the listings in century village and if you may consider purchasing a one bedroom, they start as low as $13,900. This way you don't have to get any mortgage. You will not pay high closing costs or a mortgage each month. You will only have to pay your hoa dues (I believe around $200) each month so you will live more comfortably without being have to pay any mortgages. I hope I could help. Thank you and have a great day.
Ramazan DIlek
Global Assets Realty
561-373-5646
0 votes
In The Same…, Home Buyer, Daytona Beach, FL
Sun Nov 7, 2010
Evelyn you sound just like me. I am in the same "bind". I have made over 30 calls now to try to find a mortgage for approximately the same amount as you are looking for also for Century Village but in WPB.

Century Village is not FHA approved therefore it doesn't qualify for an FHA loan
If you are not a veteran you can't qualify for a VA loan.
And all of the conventional mortgage lenders I have contacted state the same identical thing - they either do not want to finance a condo in Florida OR they will not finance anything (condo or not) under the price of $50 and in some cases $80,000.
I have been making call after call-day after day-have even called several hard money lenders and even they will not finance anything under $50,000.00 and want 12%-15% (yikes).
I even called a Century Village realtor's office who's website claims they do know who finances them and to call their #800 to get the info - and site even says that the lenders they refer you to WILL do lower amount loans and are even forgiving on past credit history, etc.....when I called them I was told of ONE and was told that someone (an agent) would call me back with names of others that also finance there....and NO one called back. (not that day-not the next day-not any day)

I think we are on the same "boat" here. I knew parents of a good friend of mine that lived there for years (who have since passed) and waited years (over 20) to meet with the age requirement to live there - now that I have reached the 55+ requirement I can't find a lender that will finance there. I only found ONE bank that would even deal with Century Village but even THEY said they wouldn't touch a loan less than $50,000 and even then they said $50,000 with 25% down & their interest rate was approximately 2.5 times higher then an FHA loan charges and 3.5+ times what a VA loan charges and so on (crazy in this economy bad market).

I do wish you luck and if you DO find a lender that will finance there please let me know as well, because I have called & contacted every place I could think of-find out about-etc. and honestly I do not think anyplace will finance in there because after making over 30 and maybe over 40 calls I haven't found even one...and it seems unless you are able to pay all cash to purchase there (and most of us can't - especially in this economy) you can't buy a condo there it seems.
0 votes
Carl Ashton, , Boca Raton, FL
Thu Mar 11, 2010
Evelyn,

You could do FHA 3.5% down, Most lenders do not perform mortgage loans on property under 60000.00, closing costs vary between 1.5-3% of the loan. Ask you realestate agent for a refferal on an inspection. Just for you to apply, and the verification paperwork for income, assets, taxes ect.
0 votes
You're a "mortgage broker" and "advising" her that she can do an FHA loan? Are you serious? You should know that a condo community needs to be on the FHA APPROVED list in order to qualify for that kind of loan. Century Village is NOT on that list. You might want to check the site: http://www.FHA.Gov, and your facts, before offering "advice" on an internet site!
Flag Sun Jan 26, 2014
Dan Chase, Home Buyer, Texas City, TX
Wed Mar 10, 2010
First, general rule of thumb yearly income x 3 = safe mortgage. In your case there are 2 changes. 1 multiply your income x 1.25 (no taxes from SS). 2 include HOA fees in your calculations as they in essence are part of your mortgage payment.

You could ask a bank near you if they have a branch near the condo. If they do ask them about getting a mortgage. A local lender is great for getting the basic information you need.

Understand that with a condo comes a HOA (Home Owner Association) fee. Make sure the condo building is FHA approved. It could have problems that you do not need if it does not. Some HOA's are well funded. Some are broke. If your building had a problem where it needed a roof or elevator you could get a special assessment for several $thousand$ YOU will HAVE TO PAY even if you can not afford to.

I would consider if buying or renting makes more sense for you. Plug in your numbers (include the HOA fee) and see. A bit extra to own is fine. A whole lot I would not do.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…

It makes more sense to buy for you? Great! Now you have to figure out what to do. Below shows that basics of buying a house in a simple easy to understand format.
http://www.trulia.com/blog/dan_chase/2010/01/its_your_first_…
0 votes
Tonya Brobeck, , Everett, WA
Wed Mar 10, 2010
Evelyn, you are going to have a ton of pro's responding to this question. Be cautious in allowing your credit to be run over and over again. Talk to a few lenders, compare programs and rates, pick the one that is best for you and don't forget to hire an agent to represent you.
0 votes
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